The Thursday (May 16) decision by the Supreme Court to uphold the funding mechanism of the Consumer Financial Protection Bureau (CFPB) has been hailed as a victory for supporters of robust federal regulation. However, these supporters remain uncertain about the future of federal agency powers, given the court’s conservative...
The Consumer Financial Protection Bureau sued SoLo Funds, alleging that the online lending platform used “digital dark patterns” to illegally collect fees from borrowers. The lawsuit also alleged that SoLo Funds misrepresented the cost of loans, made false threats, collected money consumers didn’t owe, and created a credit scoring model with...
Reading the Thursday (May 16) Supreme Court ruling upholding the constitutionality of the Consumer Financial Protection Bureau’s funding mechanisms — and ensuring the agency’s survival — takes one through centuries of history. All the way back to England, Parliament and the Crown. All the way back to the inner workings of...
The Supreme Court ruled Thursday (May 16) that the Consumer Financial Protection Bureau’s funding mechanism is constitutional. The decision reversed a lower court ruling that threatened the very existence of the agency. Seven justices concurred with the decision, while two dissented. “The statute that authorizes the bureau to draw money from...
May 14, 2024
For the Consumer Financial Protection Bureau (CFPB), the courts have been a hotbed of action, lawsuits, appeals and back-and-forth between lawyers. Almost everything boils down to the decision that will come down from the Supreme Court — a decision that will determine whether the agency can exist at all. In terms of the timeframe, the decision is widely expected to be […]
April 15, 2024
The U.S. Supreme Court made a significant decision in a complicated case regarding ATM fees Monday (April 15), putting the spotlight on the use of cash and access to it....
March 28, 2024
When the facts are crystal clear, often the only recourse is to appeal to emotion. That’s the tack that convicted crypto criminal and former FTX CEO Sam Bankman-Fried’s legal defense hewed to on...
January 12, 2024
In the generative artificial intelligence era, every industry will likely reap new efficiencies. Unlike previous iterations of AI, which focused on predictive or discriminative inference, generative AI can understand subtleties...
May 17, 2024
Two Chinese nationals have been charged with leading a scheme to launder proceeds from cryptocurrency investment scams. The indictment, unsealed in the Central District of California Thursday (May 16), names two individuals who have been arrested: Daren Li, a dual citizen of China and St. Kitts and Nevis, and Yicheng Zhang, a Chinese national, the […]
May 17, 2024
The Thursday (May 16) decision by the Supreme Court to uphold the funding mechanism of the Consumer Financial Protection Bureau (CFPB) has been hailed as a victory for supporters of robust federal regulation. However,...
May 17, 2024
The Consumer Financial Protection Bureau sued SoLo Funds, alleging that the online lending platform used “digital dark patterns” to illegally collect fees from borrowers. The lawsuit also alleged that SoLo Funds misrepresented the cost of loans,...
May 16, 2024
The Supreme Court ruled Thursday (May 16) that the Consumer Financial Protection Bureau’s funding mechanism is constitutional. The decision reversed a lower court ruling that threatened the very existence of the agency. Seven justices concurred...
