Appeals Court Revives Suit Challenging CFPB’s Constitutionality

first_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save Appeals Court Revives Suit Challenging CFPB’s Constitutionality Banks CFPB Consumer Financial Protection Bureau State National Bank of Big Spring Texas 2015-07-24 Brian Honea July 24, 2015 962 Views Related Articles Home / Daily Dose / Appeals Court Revives Suit Challenging CFPB’s Constitutionality The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Banks CFPB Consumer Financial Protection Bureau State National Bank of Big Spring Texas Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. About Author: Xhevrije West Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Stewart Information Services To Exit Delinquent Loan Servicing Operations Next: Freddie Mac’s Portfolio Expands for Fifth Straight Month, This Time by $4.5 Billion On Friday, a Texas bank received a victory when a federal appeals court revived a lawsuit that challenged the constitutionality of the Consumer Financial Protection Bureau (CFPB).According to multiple media reports, the U.S. Court of Appeals for the District of Columbia Circuit ruled that the bank had legal standing to proceed with a lawsuit arguing the structure of the CFPB is unconstitutional.The State National Bank of Big Spring in Texas is arguing against the formation and operation of the CFPB, the Wall Street Journal reported. The bank’s arguments also include a claim that independent government agencies must be headed by multiple members, not by a single director,  as is the case at the CFPB.”As a small community bank out in West Texas, we’ve always felt pretty vulnerable to the regulatory burdens imposed on us by Washington, D.C.,” said Jim Purcell, Chairman of the Board and CEO of the State National Bank of Big Spring, Texas and lead plaintiff in the case. “In recent years, that threat was epitomized for us by the Consumer Financial Protection Bureau, an agency which was alarmingly free of traditional checks and balances. We never quite understood why the Bureau objected to having its constitutionality tested in court. On behalf of the bank, its customers, and the American public, we’re extremely gratified that we’ll now have the chance to put this agency to that test.”The court ruled unanimously and found the State National Bank of Big Spring “is not a mere outsider asserting a constitutional objection to the bureau” and is subject to the bureau’s rulemaking powers, according to CNBC.A CFPB spokesman told CNBC that the agency was reviewing the decision.”There is no doubt that the Bank is regulated by the Bureau,” the ruling said. “The Bank therefore has standing to challenge the constitutionality of the Bureau.”The CFPB was created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the financial crisis. Its main function is to protect consumers from unlawful lending practices by banks, credit card companies, auto lenders, and more.CNBC adds, “Since its creation, however, there have been efforts both by Republicans and by the industry to undercut its authority, largely driven by concerns about the bureau’s structure and its powers over a wide array of financial products,” Hurley and Lynch wrote. “The bureau is led by a single director, Richard Cordray, and is not subject to congressional appropriations.”A three-judge panel reversed parts of a trial judge’s ruling that threw out the lawsuit, Kendall noted. The appeals court stated that the bank could continue with its challenge to the CFPB because it is subject to regulation by the bureau. The court also added that it was permissible for the bank to challenge the legality of the CFPB in a pre-enforcement lawsuit.But Friday’s ruling was not a complete win for the Texas bank. The court did not consider the merits of the bank’s constitutional claims and suggested a trial court should consider them first, both the WSJ and CNBC said.The appeals court did reject a third request by the bank to challenge the constitutionality of the Financial Stability Oversight Council, another body created by Dodd-Frank that polices for emerging market risks, citing that the court said the bank does not have standing for that challenge, WSJ said. In addition, the court also rejected a separate challenge filed by a group of state attorneys general over the constitutionality of Dodd-Frank’s orderly liquidation provisions, citing they did not have legal standing to do so.Competitive Enterprise Institute (CEI) General Counsel Sam Kazman also issued a statement in regards to the lawsuit, stating that the court’s ruling opened the door to a court test of the CFPB’s constitutionality.”Since Dodd-Frank’s enactment five years ago this month, the CFPB has inflicted damage on huge segments of our economy,” Kazman said. “Its powers are so free-roaming that they are unprecedented in our history. The fact that our standing to challenge the CFPB has been upheld is great news for us, the plaintiffs, and even greater news for the American public.” Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

[Live-Updates] SC’s Special Sunday Hearing On Plea By Journalist Vinod Dua Seeking Protection From Arrest

first_imgTop Stories[Live-Updates] SC’s Special Sunday Hearing On Plea By Journalist Vinod Dua Seeking Protection From Arrest Sanya Talwar13 Jun 2020 10:34 PMShare This – xIn a Special Sunday Sitting, the SC is hearing Journalist Vinod Dua’s plea seeking protection from Arrest & all other coercive action in connection with FIRs filed against him in various states. It is alleged that Dua spread communal…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginIn a Special Sunday Sitting, the SC is hearing Journalist Vinod Dua’s plea seeking protection from Arrest & all other coercive action in connection with FIRs filed against him in various states. It is alleged that Dua spread communal hatred.Live Updates 13 Jun 2020 11:03 PMSC grants him protection from arrest till next date of hearing i.e. 6th july13 Jun 2020 10:53 PMBench refuses to stay the investigation, asks for a status report on probe by the State Government. The Investigating Authorities (HP Police) shall give 24 hour prior notice to Dua before they’d want to interrogate him in accordance with law.13 Jun 2020 10:50 PMSingh continues, says the BJP leader who has filed the complaint is a “puppet in the hands” of the ruling party.Bench : Please don’t use such adjectives. They are not required.13 Jun 2020 10:49 PMBench says it is not inclined to stay investigation.Senior Advocate Vikas Singh: “ I beseech your lordships to again consider this My lord. Someone should be responsible for filing this FIR. This is wrong My lord”13 Jun 2020 10:47 PMSenior Advocate Singh : “Whatever the government does not file palpable, harassment continues. How many FIRs will I be harassed with?”13 Jun 2020 10:47 PMSenior Advocate Singh : “Whatever the government does not file palpable, harassement continues. How many FIRs will I be harassed with?”13 Jun 2020 10:44 PMOrder:The Respondent (SG) prays for a prayer of two weeks time to reply. Rejoinder be filed thereafter [notice issued to Centre and State of Himachal Pradesh]“This arises out of an order issued under order 160 CRPC in PS Shimla…13 Jun 2020 10:41 PMSingh urges for a stay on FIRs registered against Vinod Dua in different states. “Its a video clip, it should have been investigated. This is a clear case of genuinity”13 Jun 2020 10:40 PMSenior Advocate Vikas Singh : If what my client (vinod dua) has said i sedition, then only two channels will work in this country!13 Jun 2020 10:39 PMSG: I want to point to a feature, if My Lord is issuing notice, i don’t want to trouble my lord. Bench:Respond to notice and respond to what shall be the proceedings in the interim.>Load MoreNext Storylast_img read more