FHFA, like CFPB, finds its constitutionality in doubt
With ruling in GSE case, the two agencies are emerging as the test subjects for a legal showdown over their authority.
Law and legal issues
FHFA leadership structure is unconstitutional: Judges
A federal appeals court in Texas agreed with Fannie Mae and Freddie Mac shareholders that the FHFA, led by a single director, violates the separation of powers.
Supreme Court shuffle: 5 possible reverberations for banks
A more conservative court will be likelier to rule favorably on issues ranging from the deference for regulatory agencies to what constitutes a fair-lending violation.
Who won, who lost in Supreme Court’s credit card ruling
American Express prevailed Monday in an eight-year antitrust battle with the government. Here’s a look at how other card networks, banks, retailers and consumers will be affected.
Precious metals dealer A-Mark taps securitization to boost margin lending
The El Segundo, Calif. company is selling $100 million of bonds backed by a revolving pool of loans secured by precious metals as well as some of its own inventory of cash and gold, silver, platinum, and palladium.
Opinion Fifth Circuit avoids deciding the enforceability of ‘golden’ shares
While the result is anticlimactic, the court’s observations are more interesting; they tend to reinforce doubts about the usefulness of this alternative bankruptcy proofing mechanism.
Shmuel Vasser
Dechert
Auto lending scrutiny: Will states pick up where CFPB left off?
Auto lenders would be well advised to keep up their guard as states — particularly blue ones — take steps of their own to crack down on what they see as abusive practices.
Wells Fargo to pay $480M to settle suit tied to fake accounts
The class-action lawsuit filed by investors alleged that bank executives deliberately failed to disclose the full nature of its cross-selling practices to shareholders.
Government accuses LendingClub of misleading borrowers
The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted.
New tactic in lawsuit against PACE providers: Breach of contract
A class action filed last week alleges that Renovate America and Renew Financial failed to provide consumer protections promised to L.A. County, that this constitutes elder abuse, and the county is complicit.
Opinion Fool’s gold? Circuit court taking up alternative bankruptcy proofing mechanism
"Golden" shares with veto power over bankruptcy filings are commonly used as a backup measure for special purpose vehicles, but there are several issues to be addressed as case law develops.
Shmuel Vasser
Dechert
Santander Consumer pays $3M to resolve another regulatory matter
The subprime auto lender paid $2.9 million to Connecticut consumers and a $100,000 fine for miscalculating balances owed on repossessed cars and for charging improper fees. It says the settlement is part of an effort to clean up "legacy issues."
Supreme Court rejects hedge funds on Fannie, Freddie suits
The Supreme Court dealt hedge funds and other big investors a blow Tuesday by refusing to revive core parts of lawsuits that challenged the federal government’s capture of billions of dollars in profits generated by Fannie Mae and Freddie Mac.
What CFPB gained, lost in appeals court ruling
A federal appeals court handed a major victory — and a significant defeat — to the CFPB by upholding its constitutional structure while also slapping down the agency's practice of making new interpretations of law through enforcement actions.
Appeals court affirms CFPB’s constitutionality, leadership structure
The decision by the appeals court means that a president can only fire the head of the Consumer Financial Protection Bureau for cause. But the ruling also scrapped the CFPB's massive fine against a nonbank mortgage lender.
Relief awarded in CashCall case is fraction of what CFPB sought
In a blow to the Consumer Financial Protection Bureau, a federal judge rejected the agency's request for over $280 million in penalties against the California lender CashCall, ruling that the lender's violations did not justify such a large fine.
Supreme Court case could affect CFPB constitutionality ruling
The Supreme Court agreed Friday to hear a case challenging the appointment of administrative law judges, which could impact a ruling on the constitutionality of the CFPB.
Despite loss, legal battle against CFPB’s Mulvaney isn’t over yet
After a significant setback this week in the legal bid to unseat Mick Mulvaney as acting director of the Consumer Financial Protection Bureau, consumer groups are pinning their hopes on a second case they hope will provide a different result.
Ex-OCC head returns to law firm Simpson Thacher
Keith Noreika, who made waves during his brief stint as acting Comptroller of the Currency, has rejoined Simpson Thacher Bartlett as a partner.
Barclays, U.S. are said to renew talks over toxic mortgages
Barclays and the Justice Department, engaged in a legal battle over the suspected fraudulent sale of mortgage securities a decade ago, have revived discussions about reaching an out-of-court settlement, according to people with knowledge of the situation.
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