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Members of Venable's Consumer Financial Services Practice will address the constitutionality of the Consumer Financial Protection Bureau's (CFPB's or the Bureau's) structure and the ramifications of the U.S. Supreme Court's decision to take on this issue in Seila Law LLC v. CFPB. Litigants have argued, and current leaders at the Bureau and Department of Justice (DOJ) have agreed, that the CFPB's status as an independent agency led by a single director who is removable only for cause (rather than at the will of the president) violates the separation of powers. Our panelists will discuss the origins of the constitutional argument regarding the Bureau, the path to the Supreme Court, the possible decisions by the Court, and their effect on the CFPB and the industry.
Topics will include:
- An overview of the challenges to the Bureau's single-director and for-cause removal structure
- A review of the positions, and changes to positions, taken by the Bureau and the Department of Justice
- Judicial remedies, should the CFPB's single directorship be held to violate the separation of powers
- The present and post-decision impact on pending enforcement litigation, investigations, examinations, and rulemakings
- What the Supreme Court's decision could mean for the CFPB and industry participants
- This session focuses on providers of consumer financial products and services, their service providers, and the wide array of companies that are subject to enforcement or supervision by the CFPB and by regulations promulgated by the Bureau.
Moderator
- Allyson Baker, Partner, Venable LLP
Speakers
- Allyson Baker, Partner, Venable LLP
- Meredith Boylan, Partner, Venable LLP
- Jonathan Pompan, Partner, Venable LLP
- Gerry Sachs, Partner, Venable LLP
- Peter Frechette, Associate, Venable LLP
CLE Accreditation
This activity has been approved for Minimum Continuing Legal Education credit by the State Bar of California in the amount of 1.25 hours, of which 1.25 hours applies to the general credit requirement, and by the State Bar of New York in the amount of 1.25 credit hours, of which 1.25 credit hours can be applied toward the Areas of Professional Practice requirement. Venable certifies that this activity conforms to the standards for approved education activities prescribed by the rules and regulations of the State Bar of California and State Bar of New York, which govern minimum continuing legal education. Venable is a State Bar of California and State Bar of New York approved MCLE provider.