June 2012

I have previously blogged about the constitutional issues raised by the recess appointment of Richard Cordray as CFPB Director, both on their own, here and here, and, in connection with lawsuits that have challenged President Obama’s contemporaneous NLRB recess appointments, here, here, and here.  One of the issues flagged in those

TransparencyRecall that when the CFPB launched the Consumer Complaint Database, its expressed hope that “the marketplace of ideas” – i.e., the public – would study and analyze the information disclosed in the database in order to “determine what the data show[s].” 77 FR 37559. The CFPB also stated that the purpose of the database

Earlier this week, we shared the comment letter that was filed jointly by the American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable in response to the CFPB’s Request for Information Regarding Scope, Methods, and Data Sources for Conducting Study of Pre-Dispute Arbitration Agreements.  Ballard Spahr was engaged by the trade groups

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable have filed a joint comment letter responding to the CFPB’s Request for Information Regarding Scope, Methods, and Data Sources for Conducting Study of Pre-Dispute Arbitration Agreements.  Ballard Spahr served as counsel to the trade groups in preparing the comment letter. 

The Dodd-Frank

Although it dealt with the Department of Labor’s (DOL) interpretation of a Fair Labor Standards Act (FLSA) regulation, the U.S. Supreme Court’s decision issued earlier this week in Christopher v. Smithkline Beecham Corp. has significant implications for the CFPB’s approach to amicus brief filings. 

In announcing in March that it had filed an amicus

Today, the Consumer Financial Protection Bureau launched its Consumer Complaint Database, which allows the public to view consumer complaints filed against credit card issuers. The Bureau also announced that it is submitting a request to the Federal Register seeking comments on extending the database to include other financial products in addition to credit cards

One of the CFPB’s most worthwhile Dodd-Frank mandates is to help older Americans avoid financial exploitation.

 In addition to developing programs to provide financial literacy and counseling to seniors, the CFPB is taking steps to protect seniors from unethical financial advisors. Those steps
include (1) monitoring certifications that designate financial advisors as specially qualified to