- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-16T20:03:00
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
In a 7-2 decision issued Thursday, the court overturned a ruling by the U.S. Fifth Circuit Court of Appeals that the agency’s funding mechanism violated the appropriations clause of the U.S. Constitution.
The CFPB, created by Congress as part of the Dodd-Frank Act of 2010, is funded from the earnings of the Federal Reserve System and is not part of the federal budget.
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The Consumer Financial Protection Bureau passed a new rule requiring nonbank financial companies to register consumer protection orders filed against them by other federal agencies, courts, or states.
Installment lender World Acceptance Corp. was the subject of the Consumer Financial Protection Bureau’s first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.
U.S. Bank agreed to pay nearly $36 million total in separate settlements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for allegedly impeding consumers’ access to their unemployment benefits during the Covid-19 pandemic.
The U.S. Food and Drug Administration announced Wednesday it has revoked authorization for color additive Red No. 3 from food, beverages, and drugs. Health concerns over dye have existed since it was banned from cosmetics in 1990 after it was found that large doses led to the development of cancer ...
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
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