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ANALYSIS: CFPB suffers first court loss after Seila Law

ANALYSIS: CFPB suffers first court loss after Seila Law Image by New Africa / Shutterstock.com Thursday, Apr. 08, 2021, 11:05 AM By Ori Lev and James Williams Mayer Brown NEW YORK -  One of the great ironies of the Supreme Court’s decision in Seila Law versus CFPB, in which the Supreme Court held that the Consumer Financial Protection Bureau’s (CFPB) structure was unconstitutional, is that it effectively provided no relief to Seila Law, the party that took the case all the way to the Supreme Court. On remand, the Ninth Circuit held that the CFPB’s case against Seila Law could continue. Now, for the first time, a court has held that a pending CFPB enforcement action must be dismissed because of that constitutional infirmity.

CFPB Signals Continued Progress Toward Dodd-Frank 1071 Notice of Proposed Rulemaking | Bradley Arant Boult Cummings LLP

To embed, copy and paste the code into your website or blog: On the heels of CFPB Acting Director Dave Uejio’s recently released statement to agency staff members, the Bureau again signaled that it is making progress toward issuing a Notice of Proposed Rulemaking (NPRM) enacting Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). Specifically, in late February, the CFPB filed its fourth status report in the United States District Court for the Northern District of California as part of a legal settlement. This latest status report indicates that the Bureau is moving closer towards issuing to enact these important regulations.

NCUA Chairman Harper named FFIEC chairman

NCUA Chairman Harper named FFIEC chairman NCUA Chairman Todd Harper has been named Chairman of the Federal Financial Institutions Examination Council (FFIEC). His two-year term runs from April 1, 2021, through March 31, 2023. The Council also named Blake Paulson, Acting Comptroller of the Currency, Office of the Comptroller of the Currency (OCC), as its new vice chairman for the same two-year term. “I am honored to serve as the next Chairman of the FFIEC and will work to foster communication, cooperation, and coordination within the Council to advance greater uniformity and best practices in supervision,” said Mr. Harper. “I want to thank past Chairmen Kathleen Kraninger and David Uejio for their service to the FFIEC. Going forward, our work will focus on the COVID-19 economic fallout, safety and soundness, consumer financial protection, economic equity and justice, cybersecurity, appraisals, and stakeholder collaboration.”

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