U.S. Supreme Court Won’t Hear CFPB Constitutionality Case, But Another Request May Be Coming Soon (John Rossman quoted)01.15.19
John Rossman, chair of Moss & Barnett's creditors' remedies and bankruptcy team, was quoted in the insideARM article, "U.S. Supreme Court Won't Hear CFPB Constitutionality Case, But Another Request May Be Coming Soon" (written by Katie Grzechnik Neil, Jan. 15, 2019). Excerpts from that article appear below.
Looks like the question of whether the Consumer Financial Protection Bureau’s (CFPB) structure is constitutional will be fought, if at all, on another day. On Monday, the U.S. Supreme Court denied the petition for writ of certiorari -- in other words, a request for the Supreme Court to hear the case -- in State National Bank of Big Spring, et al. v. Steven Mnuchin, et al.
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John Rossman, shareholder at Moss & Barnett and chair of the firm's creditor's remedies and bankruptcy practice group, shared the following insight with insideARM:
There are a variety of factors that weigh into the decision of the U.S Supreme Court granting or denying a petition for certiorari. In the State National Bank case, there were valid questions about whether Justice Kavanaugh would recuse himself due to his participation in the decision from the D.C. Circuit on this case where he authored the opinion. While the landscape at the CFPB has changed dramatically over the past few years – including the previous director, who was a Presidential recess appointment, stepping down and the new director obtaining Congressional approval – concerns about the constitutionality of this single director federal agency, and its funding mechanism, remain and need to be resolved. I expect a future challenge to the constitutionality of the CFPB may fare differently in a petition for cert to the U.S. Supreme Court.