For those industries and businesses that are regulated by such federal agencies as the Consumer Financial Protection Bureau, the Securities and Exchange Commission, or the Federal Trade Commission, today’s U.S. Supreme Court ruling regarding the so-called Chevron deference is kind of a big deal.
SCOTUS reviewed two federal cases, Loper Bright Enterprises v. Raimondo and Relentless, Inc. v. Department of Commerce that involved the use of the Chevron deference established by a prior SCOTUS ruling 40 years ago. In that case, Chevron v. Natural Resources Defense Council, the high court ruled that federal courts should defer to regulatory agencies’ legal interpretations of federal regulations if the statutory language passed by Congress was ambiguous.
Today’s ruling not only allows judges greater leeway in analyzing claims by consumers and businesses that may be adversely affected by unclear regulations, but perhaps forces regulatory agencies to more cautiously and judiciously interpret unclear regulatory language and Congress to consider clearer and specific language to guide regulatory actions.
As AFSA has noted such agencies as the FTC and CFPB have taken regulatory actions that exceeded the authority provided by Congress, including the FTC’s rule imposing a nationwide ban on almost all noncompete clauses, and several CFPB actions related to collection of financial services industry and consumer data based on flawed interpretation of congressional intent or simply ignoring it, as well as the agency’s effort to create a nonbank registry on enforcement matters.
AFSA is hopeful that today’s high court ruling encourages the CFPB and other regulatory agencies to take a step back in its overly generous interpretation of congressional guidance, and just as important, that Congress will use this ruling to bring greater oversight and accountability to these agencies and their policies.
SCOTUS Wacks the Administrative State
Jun 28, 2024
For those industries and businesses that are regulated by such federal agencies as the Consumer Financial Protection Bureau, the Securities and Exchange Commission, or the Federal Trade Commission, today’s U.S. Supreme Court ruling regarding… Read the rest
Privacy Legislation on Pause
Jun 27, 2024
In anticipation of today’s markup of the American Privacy Rights Act of 2024 (APRA), AFSA sent a letter to Chair Cathy McMorris Rodger (R-WA) and Ranking Member Frank Pallone (D-NJ) suggesting changes to the APRA that would ensure it works … Read the rest
A Win for Colorado Consumers
Jun 25, 2024
In a significant court ruling in Colorado, a federal judge preliminarily agreed with the American Financial Services Association, the American Fintech Council, and the National Association of Industrial Bankers’ legal challenge to a … Read the rest
Industry Expertise | The CFPB’s Summer Plans May be Heating Up
Jun 25, 2024
“Industry Expertise” is sponsored content produced by AFSA Business Partners to share their thought leadership and best practices information with AFSA member companies. For more information about this sponsored content opportunity,… Read the rest
News From Our Members | From Paper Trails to Digital Transformation: DataCision Moves Your Vision Forward
Jun 24, 2024
Meta/SEO Description: If digitalization is part of your long-term vision, look no further than to DataCision to propel your dealer commercial lending business forward.
From Paper Trails to Digital Transformation: DataCision Moves Your… Read the rest
AFSA Concerns for NJ’s Bill Regarding Debt Adjusters
Jun 21, 2024
AFSA’s State Government Affairs team submitted a comment letter to the New Jersey Senate regarding S1310, which would permit specific for-profit debt adjusters to be licensed for conducting business in the state.
AFSA expresses … Read the rest
AFSA Supports APRA, But Not in Current Form
Jun 20, 2024
This week, AFSA joined other organizations in expressing concerns with the American Privacy Rights Act (APRA) as drafted. AFSA supports a national standard for data privacy, but the legislation in its current form would not best serve consumers.… Read the rest
Marking Juneteenth
Jun 19, 2024
“We shall overcome because the arc of the moral universe is long, but it bends toward justice.” –Dr. Martin Luther King Jr.
Juneteenth is a commemoration of the ideals of equality, justice, and freedom, which we strive to perfect for all. In… Read the rest
About the CFPB’s “Data Spotlight”
Jun 17, 2024
Today, the CFPB released a “Data Spotlight,” which focused on an analysis of negative equity data from a group of auto finance entities. As background, in February 2023 the Bureau announced a pilot data project and issued nine market monitoring… Read the rest
CFPB’s Semi-Annual Report to Congress
Jun 14, 2024
This week, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the Senate Banking Committee and the House Financial Services Committee for his semi-annual report to Congress.
In both, Director Chopra focused… Read the rest