Posts Tagged ‘CFPB’

Banking and finance roundup

Supreme Court and constitutional law roundup

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Free speech roundup

Supreme Court roundup

“CFPB seeks to silence investigation targets, drawing fire on free speech”

A proposal from the Consumer Financial Protection Bureau (CFPB) has drawn “unanimous fire from a broad coalition of financial companies, as well as from the American Bar Association and the American Civil Liberties Union, which called it unconstitutional. The plan would prohibit targets of civil investigative demands or notice and opportunity to respond and advise letters — CIDs and NORA letters — from disclosing the receipt of such notifications. Legal experts called the proposal a restraint on free speech and warned that it could run afoul of laws that require companies to disclose material information to shareholders.” A second element of the proposal would allow the CFPB to “share privileged information with any ‘federal, state, or foreign governmental authority, or an entity exercising governmental authority’ whenever ‘it is relevant to the exercise of the agency’s statutory or regulatory authority.'” The ABA has sharply criticized the provision as a weakening of attorney-client privilege. [Lorraine Woellert, Politico Pro, reprinted at House Financial Services Committee]

Constitutional law roundup

Banking and finance roundup

  • Bank of England deputy governor: banks have incurred an estimated $275 billion in legal costs since 2008 and that’s been a drag on economic growth [Katy Burne and Aruna Viswanatha, WSJ]
  • Economist Ken Rogoff proposes doing away with most large-denomination paper money so as to stifle crime, tax evasion and the like, and George Selgin of Cato pushes back;
  • “M&A Lawsuits Plunge As Delaware Judges Make Them Harder To Settle” [Daniel Fisher]
  • CFPB keeps pushing to expand its authority, but on lending rate caps it runs into a direct statutory limit [Thaya Brook Knight]
  • House Financial Services Committee votes to repeal the awful conflict minerals rule [Marcia Narine via Bainbridge and more, earlier] And maybe the rest of Dodd-Frank too? [Mark Calabria]
  • How the Swiss–American Chamber of Commerce sees FATCA, the overseas banking law vexing expats and legitimate business overseas [American Swiss Foundation]

Banking and finance roundup

Banking and finance roundup

Constitutional law roundup

  • Ilya Shapiro on round II of Fisher v. University of Texas, the racial preferences case [Pope Center]
  • “Supreme Court Endorses Tribal Courts; Bad News For Corporate Defendants?” [Daniel Fisher on Sixth Amendment case U.S. v. Bryant]
  • “Is The Consumer Financial Protection Bureau Unconstitutional?” [Susan Dudley]
  • “Dueling perspectives on Lochner v. United States” [Andrew Hamm, SCOTUSBlog on Paul Kens vs. Randy Barnett debate, earlier]
  • First Amendment and commercial speech: “Crazy Law Allows ‘Discounts’ for Cash but Not ‘Surcharges’ for Credit” [Ilya Shapiro on Expressions Hair Design case]
  • Who ‘ya gonna call if you need a Third Amendment lawyer? [humor]