What’s at Stake: The lawsuit accuses JPMorganChase of trade libel and breach of good faith, claiming CEO Jamie Dimon violated Florida’s Unfair and Deceptive Trade Practices Act. Supporting Data: Under commercial law and bank account agreements, banks can close accounts at any time for any reason, leading many experts to call the suit “frivolous.” Forward […]
Trump’s JPM lawsuit unlikely to succeed, experts say Read More »
A group of mortgage borrowers have filed a third amended class action complaint against Wells Fargo over loan-modification issues dating back to 2010. Processing Content The latest action in Curry, et al. v. Wells Fargo Bank NA reiterates allegations related to Wells Fargo miscalculations around the cost of loss mitigation for multiple borrowers, but focuses
Wells Fargo faces amended class action loan-mod complaint Read More »
Key insight: The Supreme Court Wednesday expressed skepticism of the government’s argument for expansive presidential power in removing Federal Reserve governors. Expert quote: “Your position that there’s no judicial review, no process required, no remedy available, [and] a very low bar for cause that the president alone determines. That would weaken, if not shatter, the
Justices wary of Trump’s urgent need to remove Fed’s Cook Read More »
Bloomberg News Processing Content What’s at Stake: Russell Vought, who also leads the Office of Management and Budget, has publicly stated his intent to shut down the CFPB, and recently refused to request funding for the agency. Supporting Data: Under the Federal Vacancies Reform Act, the lapse enables Russell Vought to remain as the acting
With CFPB nominee lapse, Vought continues as acting director Read More »
Key insight: The Trump administration would violate an existing court order if it allows the CFPB to run out of funding by declining to request money from the Federal Reserve. Supporting data: The Judge held that the Dodd-Frank Act requires the CFPB to request funding from the Fed’s “combined earnings,” even when the Fed’s expenses
Judge blocks effort to allow CFPB funding to run out Read More »
Key insight: A group of 22 state attorneys general — all Democrats — filed a lawsuit against the Consumer Financial Protection Bureau, Federal Reserve and acting CFPB director Russell Vought, challenging the administration’s position that the Fed can only fund the CFPB when the Fed itself is profitable. Expert quote: “The failure to request funding
Democratic AGs file suit demanding CFPB funding Read More »
Bloomberg News Processing Content Key Insight: The U.S. Court of Appeals for the D.C. Circuit granted the National Treasury Employee Union’s petition for an en banc rehearing, vacating a prior 2-1 ruling in favor of acting CFPB Director Russell Vought. What’s at Stake: The court’s decision was influenced by dozens of lawmakers and nonprofits who
Appeals court agrees to rehear CFPB union’s case Read More »
Bloomberg News Key Insight: The Justice Department told a federal court that an existing preliminary injunction does not require the acting director to request funding. What’s at Stake: Acting CFPB Director Vought has said the agency will run out of money in early 2026 and all employees will be furloughed, placed on mandatory, unpaid leave.
DOJ says CFPB’s preliminary injunction cannot be modified Read More »
Bloomberg News What’s at Stake: Acting CFPB Director Russell Vought is dismantling the Consumer Financial Protection Bureau. He had refused to respond to any questions about his actions from Democrats. Supporting Data: The Dodd-Frank Act requires that the CFPB director appear twice a year before the Senate Banking Committee. Forward Look: The lawmakers acknowledge that
Democrats want CFPB’s Vought to testify before Congress Read More »
Key takeaway: A majority of Supreme Court Justices appeared willing to undo a nearly century-old precedent underpinning the notion of independent regulatory agencies. Expert quote: “Humphrey’s must be overruled. It has become a decaying husk with bold and particularly dangerous pretensions. It was grievously wrong when decided and cases [in recent years] have thoroughly eroded
Supreme Court doubtful on validity of independent agencies Read More »