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

Notre Dame alumni launches app

first_imgCountless kids grow up dreaming about starting their own companies. For Notre Dame graduates Joe Mueller and Federico Segura, that dream has become a reality since they co-founded Grain — a mobile app that connects family and friends in the realm of personal finance.Mueller and Segura both studied business at Notre Dame, gaining experience and insight through classes, research projects and entrepreneurial lectures. They graduated in 2015 and now work out of Silicon Valley — Mueller as the CEO and Segura, the chief financial officer (CFO).“I had to be a self-starter and forge my own trails when learning how to invest in stocks UK,” Mueller said. “You don’t know what’s going to happen even two, three, four months down the road.”Using the computing power of IBM’s Watson, Grain is able to take keyword inputs from everyday life, like “solar power,” and turn them into related investment ideas, such as “Solar City stock,” for a portfolio. By connecting to a social network, the app’s users can share ideas and compare company performances with people they trust in a welcoming center, Mueller said. “We saw a disconnection between our studies and personal finance, and we wanted to help friends and family to bridge that gap,” Mueller said. Through the Mendoza-sponsored Shark Tank event and Notre Dame’s annual McCloskey Business Plan Competition, the co-founders were able to develop Grain from an idea into a viable platform.Mueller said the company name of Grain originated from the story of the ancient Indian minister Sessa, who is sometimes credited as the inventor of chess. The story goes that as a reward for inventing chess, an Indian ruler granted Sessa a request, to which Sessa responded by asking the ruler to give him a grain of wheat for the first square of the chessboard, two for the second, four for the third and so on — doubling the number of grains for each successive square. The ruler agreed, not realizing the sum of all the grains would result in an enormous heap. Mueller said they took the same idea to personal finance, where the stock market enables a small initial investment to grow tremendously over time. According to Mueller, Grain joins friends and family together by allowing them to track each other’s investment decisions. It also has a virtual stock market users can practice with before linking to an actual brokerage account to make real trades — thus allowing people to familiarize themselves and gain confidence in the market by gradually easing into investing. Mueller said users are also able to invest at their own pace without feeling pressured or overwhelmed. For aspiring entrepreneurs, Mueller has some advice.“Don’t be afraid to reach out for help and find resources to put you on the right path,” he said. “Don’t be afraid to just go for it.”Nearing the completion of its Beta phase, Grain is set to officially release on the iOS App Store on Friday.Tags: Grain, iOS apps, personal financelast_img read more

NY Governor: Child Victims Act Window Extended

first_imgImage via New York State Pool Feed Live Stream.POUGHKEEPSIE – Governor Andrew Cuomo announced during his daily briefing Friday that the Child Victims Act window for people to file claims of childhood sexual abuse is extended through Jan. 14, 2021.The Child Victims Act allows those who claim to be victims of child sex abuse one year to seek legal action in New York State.New York’s court system is no longer accepting Child Victims Act lawsuits due to the coronavirus pandemic. The state’s court system previously postponed all non-essential services and the Child Victims Act lawsuits were not listed as essential. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img

State-owned Chinese company to develop 5GW, $3.3 billion green energy complex

first_img FacebookTwitterLinkedInEmailPrint分享Bloomberg:Beijing Jingneng Power Co., a Chinese state-owned utility, plans to invest 23 billion yuan ($3.3 billion) in a project that will combine wind and solar power generation, hydrogen production and energy storage.The project planned in the northern Chinese region of Inner Mongolia will have a total capacity of 5 gigawatts, according to a local government report posted on Chinese media site The Paper.Construction of the project is expected to begin this year, with operations starting in 2021. Upon completion, the plant will be able to produce 400,000 to 500,000 tons of hydrogen a year.The statement doesn’t provide capacity details for other segments of the project. Calls to Jingneng were unanswered.China is testing out integrated projects that combine intermittent renewable power with storage as a means to improve efficiency and boost clean energy consumption. Several projects have been planned in Inner Mongolia, including a $2 billion facility proposed last month by state-owned GD Power Development Co.More: Beijing Jingneng plans to build 5GW clean energy & storage plant State-owned Chinese company to develop 5GW, $3.3 billion green energy complexlast_img read more

The secret is out: Credit union leaders share lessons learned from 2020

first_imgThis is placeholder text continue reading » From temporary branch closures, to a remote workforce, to a massive influx of deposit liquidity – financial institutions experienced many drastic changes as a direct result of the COVID-19 crisis. So we’ve been speaking with leaders from credit unions that have continued to grow members and revenue throughout the pandemic. Here are some shared recommendations we captured that your institution can consider when building or reworking your own strategic growth initiatives.Build Flexible, Fluid StrategiesJoseph Walsh, President & CEO of Direct Federal Credit Union, offers a simple but effective mantra: “Plan, do, check, and adjust.” He explains that strategies require planning and action, but they also require constant attention.He also recommends that your strategic plans should be flexible and fluid, allowing for unplanned changes or adjustments. One way to do this is to determine, centralize, and communicate fixed, strategic goals. This will help you to stay focused on these established objectives if (or when) you have to build on or change your plans.Meeting with stakeholders frequently to discuss strategic plans will help keep goals on track while also fostering discussions that will lead to quicker, more effective strategic adjustments as they arise. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrcenter_img This post is currently collecting data…last_img read more

The State Inspectorate will publish a list of all regulations that are supervised in inspections

first_img“Wherever possible, measures of opportunity are used to give entrepreneurs the opportunity to correct some minor irregularities, because closing the premises does not benefit anyone. But unfair competition, unregistered facilities will continue to be punished without reservation. We used to be reprimanded for entering only registered facilities, which is no longer the case, know that by court order we are looking for unregistered facilities and entering them”, Said Mikulic. In the period from 1 April to 31 October 2019, a total of 7.162 inspections were carried out, of which in 79 cases the premises were sealed by oral decision for performing catering or tourist activities without registration, ie without acts for performing registered activities where it is mentioned. the irregularity according to the State Inspectorate has a zero tolerance rate. Furthermore, most importantly, he announced that lists of regulations monitored in inspections will soon be published on the website of the State Inspectorate. Photo: Pixabay.com This confirms the goal of prevention, education and mutual cooperation, all with the aim of facilitating the business of entrepreneurs. “Our goal is prevention, education and mutual cooperation, and that is why you will know in advance what each inspector will be looking for. This is one of a series of new measures that we plan to introduce in our work”, Said Mikulić. center_img At the recent Forum of Zagreb Caterers, Chief State Inspector Andrija Mikulić announced that the State Inspectorate will soon publish lists of all regulations that are monitored in inspections. Finally, he singled out the introduction of innovations in the work of the State Inspectorate that will greatly facilitate the business of businessmen, one of which is that lists of regulations monitored in inspections will be published on the website of the State Inspectorate in the coming period. Mikulić also pointed out that the inspectors of the State Inspectorate operate on the principle of transparency, learn from the experience of entrepreneurs and solve problems in synergy, and what the State Inspectorate is able to do is distinguish between milder and more serious offenses and act accordingly.last_img read more

Drug problem will end when all criminals dead – Duterte

first_img“[Sabihin lang] ng drug lord, ‘F***you,’” an incised Duterte said with expletive-pepperedtirades. “Look at the other countries. Theycontinue to keep a blind eye to the reality of the virulence of drug addiction.Negosyo (iyan). ‘Pag di mo patayin ‘yan, hindi talaga hihinto ‘yan,” said Duterte ina speech during an inauguration ceremony at Sangley Point, Cavite City onSaturday night. Duterte took a swipe again at human rights advocates for what he believes is a soft stance they’re taking on drug criminals during a speech in Sangley Point, Cavite City on Saturday night. PCOO In 2019, the UN human rights bodyapproved a resolution seeking a comprehensive report on Manila’s human rightssituation, including extrajudicial killings under Duterte’s drug war./PN He took a swipe at human rightsadvocates for supposedly taking a soft stance on drug personalities. The President once again lambasted humanrights groups and countries who are criticizing his controversial “war ondrugs.” as he once again lambasted human rights groups and countries who arecriticizing his controversial “war on drugs,” saying that criminals will notstop with the drug trade until they were dead. “‘Pagdi mo talaga (patayin) itong mga hardcore na criminals . . . hindi ‘yanbasta-basta makikinig. Hindi talaga hihinto ‘yan. Hihinto lang ‘yan pag patayna,” the Chief Executive added. MANILA – President Rodrigo Dutertereiterated that the country’s narcotics problem will only come to an end if allcriminals are dead. Since Duterte assumed the presidency in2016, thousands of drug personalities have been killed in anti-narcotics operationsnationwide that drew criticisms from human rights advocates, local andinternational.last_img read more

Brentford extend Bidwell’s loan spell

first_imgBrentford have confirmed they have extended Jake Bidwell’s loan spell by another month.The young Everton left-back has impressed since arriving in west London in November and will stay at Griffin Park until 20 March – the day before his 19th birthday.Bidwell has made nine appearances for the Bees, the most recent coming in Tuesday’s 2-1 defeat at Colchester.AdChoices广告Follow West London Sport on TwitterFind us on Facebooklast_img

Referees named for midweek league matches

first_imgThe Referees Committee of the Ghana Football Association has announced the list of match officials for the midweek games in the Glo Premier League.Below is the list of referees and assistants for match-day-9 on Wednesday.Wednesday, November 28Match: Berekum Chelsea vs. All StarsVenue: Golden City ParkReferee: William Agbovi Assistant 1: E.O. AnkrahAssistant 2: Richard Kotey4th Official: Awal MohammedMatch: RTU vs. Ebusua DwarfsVenue: Accra Sports Stadium Referee: Ali Musa PlatoAssistant 1: Sarfo AdadeAssistant 2: Emmanuel Baah4th Official: Uriah GkahMatch: Asante Kotoko vs. New Edubiase Venue: Baba Yara StadiumReferee: Joseph LampteyAssistant 1: E.B. BaidenAssistant 2: S.V. Hammond4th Official: Kyeremeh Yeboah Match: Liberty Professionals vs. Tema YouthVenue: Carl Reindorf ParkReferee: Yaw AmetepeAssistant 1: Samuel O. BoatengAssistant 2: Issaka Alhassan 4th Official: Wonder DakudziMatch: Amidaus vs. Hearts of OakVenue: Tema StadiumReferee: E.R. BineyAssistant 1: J.B. Smith Assistant 2: Ashong Ibrahim4th Official: Solomon MordeyMatch: AshantiGold vs. MedeamaVenue: Len Clay StadiumReferee: Nuhu LimanAssistant 1: Alex AnningAssistant 2: Isaac Boadi4th Official: Otis OppongMatch: Heart of Lions vs. Berekum ArsenalsVenue: Kpando ParkReferee: Franklin CobbinahAssistant 1: F.D. OcanseyAssistant 2: Bernard Asare4th Official: A.D. MohammedMatch: Aduana vs. King FaisalVenue: Agyemang Badu ParkReferee: Seidu BomisonAssistant 1: Adams IbrahimAssistant 2: Eric Nyantire4th Official: Nuhu Akugrelast_img read more

Shohei Ohtani back on track to return to Angels rotation

first_imgNEW YORK — The interruption in Shohei Ohtani’s pitching schedule may end up amounting to only a few days.Ohtani threw a light bullpen session Saturday, which could put him back on schedule to start Wednesday in Detroit. He had been expected to start Sunday in New York, but the Angels scratched him, citing “workload management.”Manager Mike Scioscia was noncommittal Saturday afternoon about the plans for Ohtani, beyond saying he had to get through a light bullpen session and a more intense one.“We are going to wait for these things to happen,” Scioscia said. “We do anticipate, if everything goes well, that he’s pitching sometime in Detroit.” Newsroom GuidelinesNews TipsContact UsReport an Error The Angels open a four-game series Monday in Detroit.Ohtani’s previous schedule had him throwing the light bullpen four days before a start, and the heavier one two days prior.By scratching Ohtani’s start Sunday, the Angels denied fans the chance to see Ohtani and Masahiro Tanaka share the mound. Instead, they are likely to see Ohtani hit against Tanaka.Ohtani had said Thursday he figured there would plenty of chances down the road to pitch against each other.Tanaka, speaking Saturday, didn’t seem to be too disappointed that their meeting has changed.center_img “It was becoming a big thing, facing each other,” Tanaka said through his interpreter. “That going away maybe spoils it for the fans a little bit, but I’ll probably face him as a batter, so I just have to go out there and do my thing and try to get him out.”Scioscia would not commit to Ohtani hitting Sunday. The Angels have made it clear Ohtani will not be able to start at DH the day before or after he pitches, but he’s started almost every other day he’s been available. The only exceptions were when the Angels were facing left-handed pitchers. Tanaka is a right-hander.ALSOScioscia said he is not ready to switch to a lineup with Ohtani batting ahead of Albert Pujols. Coming into Saturday’s game, Ohtani had a .967 OPS and Pujols had a .692 mark. “You always consider all kind of lineups, but right now I think certainly Mike (Trout), Justin (Upton) and Albert are all swinging it well,” Scioscia said. “They will definitely create situations for Shohei.” …Michael Hermosillo had two hits in six at-bats in the four games he played during his first big league stint, which ended when he was optioned to make room for Jaime Barría. “It’s good for him to come up here and see the beast, see what major league pitching is, get into a major league game,” Scioscia said. “It helps you go down and bring some confidence and hopefully continue to grow. If he reaches his potential, he’s going to be a very good major league outfielder.”UP NEXTAngels (Garrett Richards, 4-3, 3.31) at Yankees (Masahiro Tanaka, 5-2, 4.95), 10 a.m., Fox Sports West, KLAA (830 AM).last_img read more