The Consumer Financial Protection Bureau is in the direct crosshairs of a federal lawsuit questioning its leadership structure. But it might be the independence of all federal agencies on trial.
The city joins a growing list of municipalities that have filed similar lawsuits, just two weeks after the Supreme Court ruled that municipalities have standing to sue lenders under the Fair Housing Act.
Carol Hayles’ departure from CIT leaves us with one less female CEO-CFO team in banking; even Supreme Court justices get manterrupted; a Google doodle celebrates a microlender; and Sen. Elizabeth Warren strikes a pose.
Justices on the Supreme Court appeared exasperated with both sides for a case that would define whether companies that buy distressed debt are covered under a federal statute setting limits on their activities.
Nearly 40 current and former congressional Democrats — including the namesakes of the Dodd-Frank Act — challenged the notion that Congress may not dictate the organization of federal agencies.
Banks have long been eager to see regulators knocked down a peg in the courts, but now that it might actually happen under President Trump, some are beginning to wonder if it might ultimately boomerang against the financial services industry.
