In an opinion today, Judge Preska dismissed the Consumer Finance Protection Bureau (“CFPB”) from an action after finding that, because the CFPB’s structure was unconstitutional, it lacked the authority to bring claims under the Consumer Finance Protection Act (“CFPA”).

The CFPB and the New York Attorney General had originally brought claims against companies that

In an opinion yesterday, Judge Failla largely denied UBS’s motion to dismiss a lawsuit brought by a plaintiff who claims he was fired, in violation of anti-retaliation laws, for complaining about UBS’s practices relating to commercial mortgage-backed securities (CMBS). Judge Failla did dismiss, however, the plaintiffs’ claims under the Consumer Financial Protection Act.  This portion of the motion raised a novel question of whether the anti-retaliation provisions of the CFPA pertained to products that the CFPB had the authority to regulate by statute, or whether the provisions related only to those products actually regulated.  Judge Failla agreed with the latter view and dismissed that claim:
Continue Reading Judge Failla: CFPB Anti-Retaliation Protections Do Not Cover Complaints About CMBS