News & Events

Partner Keith Noreika was quoted in Bloomberg’s BNA Banking Report discussing the uncertainty of the constitutionality of the Consumer Financial Protection Bureau’s single-director leadership structure. The story addressed the challenges that the CFPB still faces less than a week after the full U.S. Court of Appeals for the District of Columbia Circuit, in a Jan. 31 decision, held that the CFPB's single-director leadership structure passes constitutional muster. The story goes on to note that rulings by the D.C. Circuit aren't binding in other federal circuits where parties in other litigation have mounted their own constitutional challenges, and that a ruling against the CFPB in that case could create a circuit conflict and set the stage for consideration by the U.S. Supreme Court. Keith Noreika said the CFPB's constitutionality could end up before the justices, telling Bloomberg Law, “until we have clarity at the highest level, you're not going to have real certainty,” he said. “Anyone who's a defendant in a case brought by the CFPB can and perhaps should challenge that.”