October 21, 2022
Law 360
In a new article for Law 360, Allen Denson, partner in Stroock’s national Financial Services Litigation, Regulation and Enforcement Group, weighs in on the Fifth Circuit's bombshell decision invalidating payday loan regulations issued by the Consumer Financial Protection Bureau, setting a precedent that industry players can readily invoke to challenge a whole range of agency actions both past and present.
"It's a little bit of an analogue to what happened with the Federal Trade Commission in the 1980s. They got really far ahead of everyone and really aggressive in how they interpreted unfairness and deception, and Congress took some of their power away for a while. They got gutted, and that could be what happens here."
Read the full article here.
October 21, 2022
Law 360
In a new article for Law 360, Allen Denson, partner in Stroock’s national Financial Services Litigation, Regulation and Enforcement Group, weighs in on the Fifth Circuit's bombshell decision invalidating payday loan regulations issued by the Consumer Financial Protection Bureau, setting a precedent that industry players can readily invoke to challenge a whole range of agency actions both past and present.
"It's a little bit of an analogue to what happened with the Federal Trade Commission in the 1980s. They got really far ahead of everyone and really aggressive in how they interpreted unfairness and deception, and Congress took some of their power away for a while. They got gutted, and that could be what happens here."
Read the full article here.
