Mick Mulvaney Tells State AGs the CFPB Won't 'Get in Your Way'
"If we think it's a good case, we'll bring it. If not, we're happy to get out of the way and let you all do it by yourselves," Mick Mulvaney, the acting Consumer Financial Protection Bureau director, told state attorneys general Wednesday in Washington.
February 28, 2018 at 05:00 PM
4 minute read
Mick Mulvaney, Director of the Office of Management and Budget (OMB), testifies before the Senate Budget Committee on February 13, 2018. Credit: Diego M. Radzinschi/ ALM
Since taking over the Consumer Financial Protection Bureau last year, White House budget director Mick Mulvaney has not hidden his dissatisfaction with the agency's enforcement record.
Mulvaney declared an end to the days of “pushing the envelope.” He signaled, in a strategic plan released this month, that the agency would make lighter use of perhaps the most powerful weapon in its enforcement arsenal: the authority to police “unfair, deceptive or abusive acts or practices.” In industry jargon, that's “UDAAP” for short.
But there is only so much Mulvaney, or any leader of the CFPB, can do to pull back on those enforcement efforts. The Dodd-Frank Act, which created the CFPB, also handed state attorneys general the power to claim violations of that federal law's prohibition on unfair and deceptive practices.
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Greenberg Traurig shareholders Christina M. Carroll and A. Michael Pratt have entered appearances for the Secretary of the Pennsylvania Department of Banking and Securities, Wendy Spicher in a pending civil rights lawsuit. The case, filed Aug. 13 in Texas Northern District Court by Troutman Pepper Hamilton Sanders; Ashcroft Sutton Reyes; and Locke Lord on behalf of TMX Finance Corporate Services, seeks to challenge the secretary’s ongoing attempt to regulate commercial lending activity outside the Commonwealth of Pennsylvania. The suit furthers contends that the secretary issued an investigative subpoena to TMX for potential violations of the Pennsylvania Loan Interest and Protection Law and the Consumer Discount Company Act despite TMX's business activities not being governed by such. The case, assigned to U.S. District Judge David C. Godbey, is 3:24-cv-02054, TMX Finance Corporate Services Inc v. Spicher.
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Joseph J. Mueller and Rachel Bier of Wilmer Cutler Pickering Hale and Dorr have entered appearances for Omachron Alpha, Omachron Intellectual Property and SharkNinja Operating in a pending patent infringement lawsuit. The action, filed Sept. 16 in Massachusetts District Court by Kirkland & Ellis, asserts three patents in connection with SharkNinja's sale of the 'Vertex' and 'Stratos' cordless vacuum cleaners. The case, assigned to U.S. District Judge Allison D. Burroughs, is 1:24-cv-12373, Dyson, Inc. et al v. SharkNinja, Inc. et al.
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Shloime Fellig of Latham & Watkins has entered an appearance for Ardelyx the company's CEO and CFO in a pending securities class action related to Xphozah, a drug which treats kidney disease and end-stage renal disease. The complaint, filed Aug. 16 in Massachusetts District Court by Pomerantz LLP, contends that the defendants failed to disclose that the company would not be seeking the drug’s acceptance into the Transitional Drug Add-on Payment Adjustment, a bundled payment system regulated by the Medicare Improvements for Patients and Providers Act. The case, assigned to U.S. District Judge Leo T. Sorokin, is 1:24-cv-12119, Yarborough v. Ardelyx, Inc. et al.
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Alexander P. Ott, Megan Corrigan and Karen Gover of McDermott Will & Emery have entered appearances for Analog Devices, a Massachusetts-based manufacturer of semiconductor processing equipment, in a pending patent infringement lawsuit. The suit, which asserts two patents, was filed July 9 in Massachusetts District Court by Arrowood LLP and the Devlin Law Firm on behalf of Ocean Semiconductors. The case, assigned to U.S. District Judge Patti B. Saris, is 1:24-cv-11759, Ocean Semiconductors LLC v. Analog Devices Inc.
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Forrest M. 'Teo' Seger of Clark Hill has entered an appearance for Equifax Information Services in a pending lawsuit for claims under the Fair Debt Collection Practices Act. The case was filed Aug. 13 in Texas Western District Court by Halvorsen Klote on behalf of Quinton Humphrey. The case, assigned to U.S. District Judge Fred Biery, is 5:24-cv-00892, Humphrey v. LVNV Funding, LLC et al.
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