Showing 4 posts from March 2023.
A Circuit Split Emerges on the Constitutionality of the CFPB's Funding Structure, Months Before the Issue Comes Before the U.S. Supreme Court
On March 23, 2023, the Court of Appeals for the Second Circuit issued a decision in CFPB v. Law Offices of Crystal Moroney (Moroney). The case reviewed constitutional challenges to the Consumer Financial Protection Bureau's (CFPB) funding structure previously decided by the Fifth Circuit Court of Appeals last October in Community Financial Services Association of America, Ltd. v. CFPB (Community Financial). In Community Financial, the Fifth Circuit vacated the CFPB's 2017 "Payday Lending Rule" on the grounds that it was invalid "as the product of the Bureau's unconstitutional funding scheme." The CFPB's petition for writ of certiorari was granted by the U.S. Supreme Court in February. More ›
Utah Governor Cox Signs Bill to Repeal Collection Agency Registration Requirements
Effective May 3, 2023, Utah House Bill 20 (Collection Agency Amendments) will repeal a majority of Utah's collection agency statutes located in Title 12 of the Utah Code. Signed by Utah Governor Spencer Cox on March 13, 2023, the bill will repeal long-standing requirements for collection agencies to file a collection agency application, pay the registration fees, and obtain a surety bond with the Utah Department of Commerce, Division of Corporations and Commercial Code (the Division) in order to receive approval for conducting business in Utah. More ›
Don't Be Fooled – April 1st Application Deadline for New Louisiana Virtual Currency License
April 1, 2023 marks the deadline to submit an application for the Louisiana Virtual Currency Business Activity License or Virtual Currency Limited Activity Registration in order to receive timely approval from the Louisiana Office of Financial Institutions (OFI). Pursuant to the Louisiana Virtual Currency Business Act (VCBA), a license or other equivalent is required for a company to engage in the virtual currency business after June 30, 2023. Applications submitted by April 1, 2023 will be approved, conditionally approved, or denied before June 30. The OFI began accepting applications for the license and registration at the beginning of the year. More ›
SCOTUS Decision in Student Loan Forgiveness Cases May Hinge on Article III Standing
On February 28th, 2023, the United States Supreme Court heard oral arguments in two related cases, Biden v. Nebraska and Department of Education v. Brown, both of which challenge President Biden's one-time student loan forgiveness program. More ›
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