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Fifth Circuit Rules that the CFPB's Funding Scheme Violates the Appropriations Clause

USA - October 28 2022 Fifth Circuit decision vacates a Consumer Financial Protection Bureau ("CFPB" or "Bureau") Payday Lending Rule because the Bureau's funding mechanism…

Michael A. Carvin (Mike), James Burnham, Courtney Lyons Snyder, Christian G. Vergonis

CFPB's Expansion Efforts Draw Criticism From Lawmakers

USA - September 27 2022 Since being confirmed as Director of the Consumer Financial Protection Bureau ("CFPB") last year, Rohit Chopra has urged state Attorneys General to…

Joseph J. Boylan, Courtney Lyons Snyder

California Attorney General Initiates Novel Investigation Into Potential Health Care Algorithm Bias

USA - September 20 2022 On August 31, 2022, the California Attorney General delivered letters to 30 hospitals and health systems across California requesting information…

Joseph Melnik (Joe), Daniel A. Cody, Alexis S. Gilroy, Carl A. Kukkonen III, Heather M. O'Shea

California Governor Orders Agencies to Create Transparent Regulatory Framework for Blockchain and Digital Assets

USA - May 16 2022 California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a…

Timothy Curry, James Burnham, Dorothy N. Giobbe, Jeff Rabkin, Mark W. Rasmussen

CFPB to Invoke "Dormant Authority" to Supervise Nonbank Fintech Companies

USA - April 29 2022 The CFPB announced in a press release that it plans to invoke a "dormant authority" under the Dodd-Frank Act to regulate nonbank fintech companies. On…

James Burnham, Dorothy N. Giobbe, Brian C. Rabbitt, Mark W. Rasmussen, Joshua B. Sterling