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Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued its semiannual report (the “Report”) to the President and Congress. In the Report, Acting CFPB Director Mick Mulvaney proposes to significantly reform the CFPB’s structure and oversight. He claims that the structure of the CFPB “ignore[s] due process and abandon[s] the rule of law in favor of bureaucratic fiat and administrative absolutism.” (Report 2.) He offers four specific proposals to reform the agency.…
On Feb. 16, 2017, the D.C. Circuit granted the CFPB’s petition to rehear en banc the court’s landmark October 2016 decision finding that the structure of the CFPB was unconstitutional. We covered the panel decision here. In its Feb. 16, 2017, order the D.C. Circuit directed the parties to brief three specific issues: (1)        Is the CFPB’s structure as a single-Director independent agency consistent with Article II of the Constitution and, if not,…
U.S. companies may soon risk litigation for failing to comply with the provisions of Canada’s anti-spam law (CASL) in their electronic communications to Canadian consumers. While this anti-spam law has been in force since 2014, its provisions permitting a private right of action become effective on July 1, 2017. Even companies with no operations in Canada are at risk, and experts predict that class actions under CASL will proliferate starting July 1, 2017, because the…
A federal court recently granted class certification to a group of financial institutions (the “Banks”) in the data breach case against Target Corporation (“Target”) arising from the December 2013 hacking of its computer system, which exposed the financial information of millions of customers. In re: Target Corp. Customer Data Security Breach Litigation, MDL Case No. 14-2522, 2015 U.S. Dist. LEXIS 123779 (D.Minn. Sept. 15, 2015). Specifically, the district court in Minnesota certified a Rule 23(b)(3)…