When the State National Bank of Big Spring case challenging the constitutionality of several titles of the Dodd-Frank Wall Street Reform & Consumer Protection Act (“Dodd-Frank”) was originally filed in June 2012, I immediately identified its vulnerability to a motion to dismiss for lack of standing.
We have been following two federal court cases that involve challenges to Director Cordray’s appointment. The California case, CFPB v. Chance Edward Gordon, was filed in summer 2012 by the CFPB against an attorney and his law firm alleging that the defendants duped consumers by falsely promising loan modifications in exchange for advance fees and, in reality, did little or nothing to help consumers.
Unsettled Settlements(?): The Effect of an Invalidated Recess Appointment On the CFPB Director’s Authority to Settle Proceedings
The constitutionality of President Obama’s recess appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau (“CFPB”) is being challenged in a lawsuit filed in the U.S. District Court for the District of Columbia this past June.
Because it includes a challenge to Director Cordray’s appointment, we continue to follow the case filed this past June in federal court in Washington, D.C. by State National Bank of Big Spring against the CFPB, the Department of Treasury, Richard Cordray, and a number of other federal officials.
Litigation over President Obama’s recess appointments took several additional steps last week and few significant rules were published.
Another case we have been following that includes a challenge to Director Cordray’s appointment is the case filed this past June in federal court in Washington, D.C. by State National Bank of Big Spring against the CFPB, the Department of Treasury, Richard Cordray, and a number of other federal officials.