Clark Hill Attorney Joann Needleman Quoted in Bloomberg Law
A recent 5-4 decision in Seila Law v. CFPB cleared up constitutional questions that have been hanging over the Consumer Financial Protection Bureau (CFPB) since its creation by the 2010 Dodd-Frank Act by removing termination protections for the CFPB director and making the position an at-will employee of the president. What’s less certain is the validity of CFPB actions taken under the old leadership structure— a protected director leading an independently funded agency— which the high court said was unconstitutional in Monday’s ruling.
With that uncertainty is likely to come a flood of lawsuits from industry to challenge ongoing enforcement actions and regulations, said Joann Needleman, the leader of Clark Hill’s Consumer Financial Services Regulatory and Compliance Group.
“I don’t think we go forward saying, okay, the bureau’s fine. There are a lot of questions about the bureau,” Needleman said.
Read the full article and Needleman’s comments here.
Needleman serves as a navigator to her clients seeking advice and guidance in the complex regulatory environment facing the financial services industry. She provides counsel, consultation, and litigation services to a wide array of financial institutions, law firms, credit reporting agencies, as well as venture capital firms looking to invest in the fin-tech space.