Search results for: CRA

Current and former Democratic members of Congress have told a federal court that the Trump Administration’s interpretation of the CFPB’s funding mechanism is at odds with Congress’ plan to provide the bureau with a stable, independent source of funding.

On December 5, Rise Economy, the National Reinvestment Coalition and the Woodstock Institute filed a lawsuit against the CFPB and its Acting Director Russell Vought in the Federal District Court for the Northern District of California seeking declaratory and injunctive relief related to Vought’s determination not to seek funding from the Federal Reserve Board because of an opinion from the Justice Department’s Office of Legal Counsel (OLC).… Continue Reading

The Supreme Court has denied a request to consider on an expedited basis a petition from two ousted Democratic NCUA board who are challenging their firings.

Todd Harper and Tanya Otsuka are challenging their firings even though the Federal Credit Union Act, unlike some federal laws governing other financial regulators, does not state that members of the agency board may only be removed for cause.… Continue Reading

The Trump Administration has declined to respond to a Supreme Court petition by the two ousted Democratic NCUA board members who are asking for the court to consider their case.

“The Government hereby waives its right to file a response to the petition in this case, unless requested to do so by the Court,” Solicitor General D.… Continue Reading

Democrats on the Senate Banking, Housing and Urban Affairs Committee are accusing Acting CFPB Director Russell Vought of trying to shut down the CFPB by starving it of funding.

“You have…let the fiscal year pass without having requested any funding for the CFPB to perform its work, an unprecedented approach that threatens to leave the agency unable to fulfill its many statutory obligations on behalf of consumers across the country,” the Democrats, led by ranking Democratic Sen.… Continue Reading

The CFPB has issued an interpretive rule that says the federal Fair Credit Reporting Act (FCRA) preempts states from regulating broad areas of credit reporting.  

“Congress meant to occupy the field of consumer reporting and displace [state] laws within that field,” the bureau said, in the rule that went into effect on October 28.… Continue Reading

The two Democratic NCUA board members ousted by President Trump without cause are asking the Supreme Court to consider their challenge of the firings on an expedited basis.

Todd Harper and Tanya Otsuka are challenging their firings even though the Federal Credit Union Act, unlike some federal laws governing other financial regulators, does not state that members of the agency board may only be removed for cause.… Continue Reading

For now, the Supreme Court is allowing President Trump to fire Democratic FTC Commissioner Rebecca Slaughter, in a case that could upend a 1935 court precedent.

Significantly, in an unsigned order, the Court agreed to hear the case, even though there has been no final decision on the merits by a lower court.… Continue Reading

President Trump had the right to fire two Democratic NCUA board members because federal law affords them no protection from being ousted, the administration argued in federal court.

“Because Congress has not enacted any statutory restrictions on the President’s authority to remove NCUA Board Members, they are removable at will,” the administration said in a brief filed in the U.S.… Continue Reading

The reinstatement of two Democratic NCUA board members has been put on hold by the U.S. Circuit Court of Appeals for the District of Columbia.

In a short order, a three-judge panel of the court ruled that the reinstatement of Todd Harper and Tanya Otsuka should be paused, at least temporarily.… Continue Reading

Two reinstated National Credit Union Administration (NCUA) board members participated in a board meeting on July 24, even as the Supreme Court signaled that three Democratic members of the Consumer Product Safety Commission (CPSC) could be fired without cause in the context of granting a stay of a lower court order reinstating them to CPSC.… Continue Reading