Litigation

Republicans have urged the Supreme Court to gut the Consumer Financial Protection Bureau by tying its funding to appropriations. But regulatory experts say that a ruling against the CFPB would threaten the funding of other similarly structured agencies including the Federal Reserve Board, the Farm Credit System and other regulators that are funded through fees or assessments.

The lawsuit against Prehired involves a relatively new product that consumer advocates say is akin to a student loan — and should be subject to far more protections.

The plaintiff that brought the case on behalf of the state says the banks inflated interest rates through a private, invitation-only VRDO index that influenced SIFMA's weekly index.

In an amicus brief submitted to the Supreme Court Tuesday, the bicameral group of 132 Republican members of Congress argued that an appeals court was right to rule last year that the Bureau's funding system is unlawful.

A challenge to the SEC's use of administrative law judges could have big implications for bank regulators. The FDIC, Fed, OCC and CFPB could be forced to go to federal court in cases that would otherwise be handled in-house.

The Securities and Exchange Commission sued the two largest cryptocurrency exchanges this week over allegations of operating as unregistered securities exchanges, rattling the industry but potentially lighting the way to more regulatory certainty.

The Consumer Financial Protection Bureau issued only 20 enforcement actions in 2022, but some observers say the enforcement numbers belie the results that director Rohit Chopra is getting from other ways of holding companies accountable.

The three-year-old law required banks and other corporations based in the nation's most populous state to appoint a minimum number of board members from designated underrepresented communities. A federal judge said that it imposed an unconstitutional racial quota.

The San Francisco bank agreed to a deal with its shareholders after allegedly making misleading statements about its progress in resolving regulatory problems. The agreement is the second-largest bank class-action settlement in history.

Investors argues in suit that Jamie Dimon and other executives risked the bank's reputation in their dealings with the disgraced financier.