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A Continuing Saga
March 2, 2023

No one expected that the ongoing saga regarding CFPB funding would end at the Fifth Circuit, so it's not surprising that SCOTUS announced earlier this week that it would hear the Biden administration's appeal of CFPB v. Community Financial Services Association of America on the constitutionality of the agency's funding in the October term.

As this constitutionality battle heats up, my Litigation colleague Rachel Rodman, a former senior counsel and enforcement attorney in the CFPB, observes that the Court’s decision, while critical for the CFPB, may also have far-reaching consequences across the Federal Government. Her sharp analysis is worth a read.

Daniel Meade 
Editor, Cabinet News and Views

Profile photo of contributor Rachel  Rodman
Partner | Consumer Financial Services Enforcement and Litigation
Profile photo of contributor Keith M. Gerver
Associate | White Collar Defense and Investigations
Profile photo of contributor Ken Bergman
Associate | Global Litigation

The U.S. Supreme Court agreed earlier this week to hear the Consumer Financial Protection Bureau’s challenge to a ruling by the United States Court of Appeals for the Fifth Circuit that the CFPB’s funding structure violates the Appropriations Clause of the Constitution, calling into question the validity of every action the CFPB has ever taken and its future viability. Though the Fifth Circuit attempted to limit its holding to the CFPB, the logic of the decision extends to all other financial regulators that are not funded through an annual appropriation from Congress. Given the case’s potentially far-reaching consequences, the Supreme Court’s ability to navigate this latest challenge to the CFPB’s constitutionality will be closely watched.

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Profile photo of contributor Daniel Meade
Partner | Financial Regulation

The Federal Reserve Board released its Large Institution Supervision Coordinating Committee Program Manual last week. 

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Profile photo of contributor Peter Y. Malyshev
Partner | Financial Regulation

In response to changes in business practices, regulations and laws eventually change, too. During the past few years derivatives markets are witnessing this change as it applies to trading facilities as well as to entities that provide services that may be ancillary to intermediated swap execution. Indeed, the lines are becoming blurred between a traditional derivatives exchange and a facility or an entity that only a few years ago no one would recognize as an organized exchange.

This Clients & Friends Memo formed the basis for a recent webinar for the Futures Industry Association’s Law & Compliance Division. 

You can read the Clients & Friends Memo here.

Profile photo of contributor Jason M. Halper
Partner | Global Litigation
Profile photo of contributor Jayshree  Balakrishnan
Law Clerk | Global Litigation

On February 9, Treasury Secretary Janet Yellen spoke at the Center for Strategic and International Studies, urging the World Bank to “evolve” and be “bolder and more imaginative” in its operational approach to tackling global challenges such as climate change.

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