Legal

Court Tightens Reins on CFPB Director’s Authority

The Consumer Financial Protection Bureau’s leadership structure -- a single powerful director who cannot be removed at will by the president -- is unconstitutional, according to a ruling by a panel of judges on the D.C. Circuit Court of Appeals today.

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Data Theft Damages: Who Pays?

When it comes to data breaches, the hack of the archaic Myspace—the failed social media platform that was rendered obsolete by Facebook—proves nothing is safe.

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Inclusive Communities Lawsuit Dismissed by District Court

The case that generated last summer’s Supreme Court decision allowing disparate impact cases to be brought under the Fair Housing Act, Inclusive Communities Project Inc. v. Texas Department of Housing and Community Affairs, was dismissed on last week by the district court judge charged with determining whether the housing advocacy plaintiff met the Court’s newly articulated standard for establishing disparate impact.

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ABA: Proposed Arbitration Rule Not in Public Interest

ABA and other trade groups today urged the Consumer Financial Protection Bureau not to move forward with its proposed rule on arbitration, arguing that the rule is not in the public interest, does not protect consumers, and is inconsistent with the bureau’s own study of arbitration of consumer financial products and services.

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Under Criticism, FDIC Amends Exam Appeals Process

The FDIC board today voted to propose amendments to its supervisory guidelines that would expand banks’ rights to appeal exam decisions and improve consistency with other agencies’ appeals processes and issue examination guidance for third-party lending.

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SCOTUS to Review City of Miami Fair Housing Case

The Supreme Court on Monday agreed to review a case involving a lawsuit brought by the City of Miami against Bank of America and Wells Fargo alleging the banks engaged in discriminatory lending practices that resulted in reduced property tax revenues.

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