The Supreme Court heard arguments yesterday in Axon Enterprise v. Federal Trade Commission (No. 21-86), as to whether federal courts can hear a challenge to the FTC’s constitutionality by a party in an administrative proceeding before the agency has issued a final order. The Court also heard arguments in a similar case, Securities and Exchange Commission v.… Continue Reading
Chamber files amicus brief in support of challenge to CFPB jurisdiction
The Chamber of Commerce of the United States of America (Chamber) has filed an amicus brief opposing the CFPB’s petition filed in the Eastern District of Pennsylvania to enforce its civil investigative demand (CID) issued to J.G. Wentworth, LLC (JGW). In its brief, the Chamber challenges the CFPB’s attempt through the petition to expand its jurisdiction beyond the limits of Dodd-Frank.… Continue Reading
There are limits to the CFPB’s jurisdiction!
On February 6, Professor Jeff Sovern published a blog post in which he seems to be urging the CFPB to regulate rent-to-own (“RTO”) companies. He quoted an article in the Huffington Post which, in turn quoted a CFPB spokeswoman as saying that the CFPB is reviewing the RTO industry and has not yet decided what action, if any, would be appropriate. … Continue Reading
How the CFPB and the FTC interact (part 1)
In this first part, we look at how the Dodd-Frank Act structured interactions between the Federal Trade Commission and the Consumer Financial Protection Bureau.
The FTC has consumer protection jurisdiction over just about every business in the country, but for a few significant exceptions—financial institutions regulated by federal banking regulators, insurance companies and telecommunications companies among them.… Continue Reading