Trump Administration Files Motion Aimed At Controlling Consumer Protection Agency

Trump Administration Files Motion Aimed At Controlling Consumer Protection Agency Donald Trump’s animosity toward Dodd-Frank, the legislation that was a reaction to the global financial meltdown, is well documented. He signed an executive order to revisit the rules in early February. The administration’s latest act to change Dodd

Forbes

Justice Department Calls CFPB’S Structure Unconstitutional

In a brief filed on Friday (March 17) in a lawsuit against the Consumer Financial Protection Bureau (CFPB), the Justice Department declared that the agency’s structure is unconstitutional. In the lawsuit, it’s stated that the current structure of the

PYMNTS.com

What happens when the Justice Department files a brief against a federal agency?

Last fall, in PHH Corporation v. CFPB, the U.S. Court of Appeals for the D.C. Circuit held that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional, at least insofar as the President may only remove the agency head for

Washington Post

Justice Department tells court that Trump should be able to fire consumer watchdog

The Justice Department told a federal court on Friday that President Trump should be able to fire the head of the Consumer Financial Protection Bureau, arguing the structure of the controversial independent watchdog is unconstitutional. The brief

Los Angeles Times

United States Files Amicus Brief in PHH Case

On March 17, 2017, the U.S. Department of Justice filed a Brief for the United States as Amicus Curiae in PHH Corporation v. Consumer Financial Protection Bureau, 839 F.3d 1 (D.C. Cir. 2016), a chase challenging the constitutionality of the CFPB’s …

The National Law Review

DOJ urges federal court to find key provision in Dodd Frank Act unconstitutional

[JURIST] The Department of Justice (DOJ) [official website] on Friday filed an amicus curiae brief [text, PDF] urging the US Court of Appeals for the DC Circuit [official website] to find the for-cause only removal provision of the Dodd Frank Act [PDF] …

JURIST

DOJ Brief Opposing CFPB Brings More Uncertainty

Reade Jacob On March 17, the U.S. Department of Justice submitted a brief to the D.C. Circuit asserting that the Consumer Financial Protection Bureau’s single-director structure violates the Constitution’s separation of powers in the CFPB v. PHH

Law360 (subscription)

Trump administration joins legal challenge to remove CFPB director

The Trump administration Friday officially joined a legal challenge aimed at sharply reducing the authority of a federal consumer watchdog that has drawn praise and criticism for cracking down on mortgage abuses, banking irregularities, and other

USA TODAY

Weakening CFPB Would Allow Credit Bureaus To Run Amok Again

WASHINGTON – A leading consumer group warned that special interest attacks designed to weaken the Consumer Financial Protection Bureau would also jeopardize its efforts to rein in the Big Three credit bureaus, which make mistakes that deny financial or …

Common Dreams

The Department of Justice Changed Its Tune, What Now?

On Friday, the U.S Department of Justice (DOJ) turned against the CFPB, as the DOJ formally announced their support of PHH Corp in the case against the CFPB. The ongoing case and brief published by the DOJ has declared the CFPB leadership system …

The MReport

Justice Department Calls Consumer Financial Protection Bureau’s Structure Unconstitutional

The Justice Department filed a brief opposing the Consumer Financial Protection Bureau’s appeal of a ruling that its single-director structure does not hew to the constitution. The department’s action puts the administration at odds with the consumer

ClickLancashire

Trump Asks DC Circ. For Power To Fire CFPB Chief

Law360, New York (March 17, 2017, 5:13 PM EDT) — The Trump administration said Friday that the Consumer Financial Protection Bureau’s leadership structure was unconstitutional and asked the D.C. Circuit to allow the U.S. president to fire the bureau’s …

Law360 (subscription)

Trump Administration Fights Its Own Agency, A Pro-Consumer Watchdog, In Court

The move could pave the way for Donald Trump to fire the head of the Consumer Financial Protection Bureau. Lisa Lambert. Joshua Roberts / Reuters. 170. The Trump administration took an unusual step on Friday in its efforts to defang the U.S. financial …

Huffington Post

Are We Better Off Curbing the Role of the Consumer Financial Protection Bureau?

The fate of the Consumer Financial Protection Bureau is unclear. The agency was authorized by the Dodd-Frank law that set new rules for the financial industry in the wake of the global financial crisis, and it began operating in 2011. Last fall, a

Wall Street Journal (subscription)

House Democrat Wants CFPB to Probe Discrimination in Small Business Loans

In a March 15 letter to CFPB Director Richard Cordray, Rep. Emanuel Cleaver (D-Mo.) called upon the Bureau to address potential abuses by FinTech companies that may be engaged in predatory small-business lending. In so doing, he asked that the …

Lexology (registration)

Trump Administration Files Motion Aimed At Controlling Consumer Protection Agency

The Trump administration has gone to court to try to bring the Consumer Financial Protection Bureau under its control. The bureau is an executive branch entity, but the president doesn’t have direct control over the six-year-old agency. The Justice

NPR

Why Trump wants power to remove director of Consumer Financial Protection Bureau

On Friday, the DOJ joined a legal challenge to the CFPB, the government’s consumer watchdog for financial affairs. Declaring the CFPB’s structure unconstitutional, as the lawsuit seeks to do, might support the Trump administration’s deregulation efforts.

Christian Science Monitor

Justice Department: President should have power to fire head of Consumer Financial Protection Bureau

In this March 26, 2015, file photo, Consumer Financial Protection Bureau Director Richard Cordray speaks during a panel discussion in Richmond, Va. Republicans are urging President Donald Trump to fire Cordray, and some Ohio Democrats focused on …

Washington Times