CFPB, Federal Agencies, State Agencies, and Attorneys General
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
The NCUA has issued a Notice of Proposed Rulemaking to codify the elimination of reputational risk from its supervisory program, becoming the latest federal financial regulator to do so.
“NCUA has determined that assessing reputation risk is subjective, ambiguous, and lacking in measurable criteria,” the agency said, in announcing the action.… Continue Reading
NCUA Chairman Kyle S. Hauptman said that through the issuance of a policy statement he is reenforcing an agency policy to prohibit officials from setting new policy through enforcement actions.
Hauptman said that the policy statement fulfills a goal he listed in January, after being appointed Chairman: “Codifying our procedures to protect Americans from regulation-by-enforcement.… Continue Reading
As the government shutdown drags on, some financial services programs—particularly housing programs– are being affected.
The CFPB is funded through the Federal Reserve system, not through annual appropriations, and technically is still operating, although as we have reported previously many CFPB employees are not being permitted to work. (That CFPB funding mechanism was the subject of a Supreme Court case and the court found the funding system constitutional.)… 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
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
Todd Harper and Tanya Otsuka will not be reinstated to the NCUA board while the District of Columbia Court of Appeals considers whether their firing by the Trump Administration is illegal, a panel of the court has decided.
The two already had been barred from the board through a temporary administrative hold, pending further court order.… 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
