A&B Abstract: On Monday, January 9, 2023, the United States Supreme Court heard argument in a case with potentially major implications for companies and individuals alike. In re Grand Jury asks the Court to give trial courts a definitive standard for determining if dual-purpose client communications containing both legal and nonlegal advice are protected under […]
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38 Attorneys General Ask SCOTUS to Determine the CFPB’s Fate
A&B Abstract: In November, the Consumer Financial Protection Bureau (“CFPB”) filed a petition for a writ of certiorari in connection with the Fifth Circuit’s recent decision in Community Financial, which held that the CFPB’s funding structure violated the Constitution’s Appropriations Clause. (For a full discussion of the Community Financial decision, click here; for a full […]
CFPB Petitions High Court to Consider Decision Holding Funding Structure Unconstitutional
A&B Abstract: On November 14, 2022, the Consumer Financial Protection Bureau (“CFPB”) filed a petition for a writ of certiorari in connection with the Fifth Circuit’s recent decision in Community Financial, which held that the CFPB’s funding structure violated the Constitution’s Appropriations Clause. (For a full discussion of the Community Financial decision, click here.) The […]
The CFPB’s Funding Structure Held Unconstitutional: The Practical Implications
A&B ABstract: In another existential challenge to the CFPB, last week the Fifth Circuit held in the Community Financial[1] case that the CFPB’s funding structure is unconstitutional. On this ground, it vacated the CFPB’s Payday Lending Rule. The decision’s rationale, however, is expected to have much further-reaching implications. Simply put, many believe that the Fifth […]
CFPB Sues MoneyLion over Membership Program, Uses Military Lending Act as Hook
A&B Abstract: On September 29, 2022, the Consumer Financial Protection Bureau (“CFPB”), sued MoneyLion Technologies Inc. and 37 of its subsidiaries (“MoneyLion”) in New York federal court for violations of the Military Lending Act (the “MLA”) and Consumer Financial Protection Act (“CFPA”). The Allegations The CFPB alleges that MoneyLion offered installment loans that consumers could […]