Stat of the Week: 15 State AGs vs. the CFPB
About 6 months ago, a federal court ruled that the Consumer Financial Protection Bureau, which is overseen by a single director, has an “unconstitutional” structure. At the time, we laid out a few possible scenarios for the agency’s future, and posed the question: What’s next?
As it happens, this is what was next. Last month, the Department of Justice filed an amicus brief concurring with the court’s decision. An amicus curiae (Latin for “friend of the court”; plural, amici curiae) is someone who is not directly involved in a case, but who nonetheless has a stake in its outcome or information that could bear on the court’s decision. What’s notable about this brief is the amici it includes: namely, 15 state attorneys general.
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The AGs argue for a multi-member board of directors and contend that the CFPB’S regulatory muscle has been left unchecked, writing that the agency “possesses the power to preempt or displace broad swaths of state regulatory authority.” Clearly, the debate about the CFPB is far from over, but what this development foreshadows is unclear.
While no one can be certain about what the future holds, our recent webinar with Michael Benoit provides some answers for auto finance companies and other kinds of lenders and their finance partners—view the webinar for free here.
And for more weekly statistics and compliance coverage, check out our blog.
