November 20, 2014

Multiple publications feature Randy Miller’s constitutional challenge to CFPB and Dodd-Frank

2 min

Multiple publications including the Wall Street Journal, Law360, Legal Times, and the Washington Examiner featured Venable partner Randy Miller's constitutional challenge to the Consumer Financial Protection Bureau (CFPB) and parts of Dodd-Frank. Plaintiffs include 11 states and several private companies with standing argument before the U.S. Court of Appeals for the District of Columbia Circuit.

According to the Wall Street Journal, Miller argued that the court should consider whether the CFPB’s structure of a single director instead of a bipartisan commission violates the Constitution. "This country has never seen anything quite like this before—concentrated power without meaningful limitations," said Miller. He added that the bureau has unconstitutional "concentrated power without meaningful limitations," according to Law360. In a Legal Times article, Miller said, "History supported multimember decision-making for a regulatory agency as big and as powerful as the board."

In an interview with the Washington Examiner on CFPB settlements, Miller said, "There’s a lot of incentives to immediately settle when your regulator brings an enforcement action against you…There is an overwhelming incentive to settle." Commenting on a recent ruling that the CFPB must obey the same rules of discovery in civil litigation as other parties, Miller said, "They are a plaintiff in civil matters so they will have to follow the rules just like any other plaintiff in a civil litigation matter."