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Tag: “civil investigative demand”

Court Rules Against Pension Factoring Company That Challenged Consumer Financial Protection Bureau’s Authority, Investigation

Court Rules Against Pension Factoring Company That Challenged Consumer Financial Protection Bureau’s Authority, Investigation

A federal court has upheld the constitutionality of the Consumer Financial Protection Board’s structure, and further found that the CFPB’s investigation into a pension factoring company’s business practices was neither overboard nor outside the CFPB’s jurisdiction. In Consumer Fin. Prot. Bureau v. Future Income Payments, LLC, Case No. SACV 17-00303-JLS ((SSx), 2017 U.S. Dist. LEXIS 80074 (C.D. Cal. May 17, 2017), Judge Josephine L. Staton of the federal district court for the Central District of California granted the CFPB’s petition…

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Factoring Company’s Identity Revealed: Future Income Payments Is the ‘John Doe’ Company Fighting the Consumer Financial Protection Board

Factoring Company’s Identity Revealed: Future Income Payments Is the ‘John Doe’ Company Fighting the Consumer Financial Protection Board

A company that has been fighting the Consumer Financial Protection Bureau’s jurisdiction and authority to issue a civil investigative demand – and did so under the name “John Doe Company” because it said its business would be harmed if its identity were known – has now been revealed. The company is Future Income Payments, LLC. And the CFPB issued its civil investigative demand to look into whether the company violated any federal law in connection with transactions involving pensions, annuities,…

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Federal Appeals Court’s Dissenting Judge Says CFPB Is Unconstitutional, Would Have Ruled For Secondary Market Company

Federal Appeals Court’s Dissenting Judge Says CFPB Is Unconstitutional, Would Have Ruled For Secondary Market Company

As described here, in a 2-1 opinion, the U.S. Court of Appeals for the District of Columbia denied a motion for an injunction, pending appeal, against the Consumer Financial Protection Bureau (CFPB) by a secondary insurance market company, and rejected that company’s argument that the CFPB’s structure violates the U.S. Constitution. The unidentified company had filed a lawsuit (John Doe Company v. Consumer Financial Protection Bureau, et al., Civil Docket No. 1:17-cv-00049-RC, U.S. Dist. Ct., District of Columbia) against the Consumer…

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D.C. Circuit Court of Appeals Rejects Secondary Market Company’s Constitutional Challenge to Consumer Financial Protection Bureau

D.C. Circuit Court of Appeals Rejects Secondary Market Company’s Constitutional Challenge to Consumer Financial Protection Bureau

A federal appellate court has rejected a secondary market company’s constitutional challenge to the federal  Consumer Financial Protection Bureau’s authority to investigate the company. The opinion of the U.S. Court of Appeals for the District of Columbia in Doe Co. v. Cordray, No. 17-5206 (D.C. Cir. Mar. 3, 2017) – decided with two judges in the majority, and one dissenting – is one of the latest developments in multiple fronts alleging that the actions or authority of the Consumer Financial…

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Consumer Financial Protection Bureau Goes to Court to Enforce Investigative Demands Against J.G. Wentworth

Consumer Financial Protection Bureau Goes to Court to Enforce Investigative Demands Against J.G. Wentworth

The Consumer Financial Protection Bureau last week filed a petition in federal court seeking to enforce its civil investigative demands against J.G. Wentworth and its affiliated companies. The CFPB on June 7 filed its petition in the U.S. District Court for the Eastern District of Pennsylvania, alleging that J.G. Wentworth has refused to produce additional documents in response to the CFPB’s civil investigative demand (CID). The CFPB sought documents and information in connection with an investigation of whether J.G. Wentworth…

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CFPB Rejects J.G. Wentworth’s Challenge to Investigative Demand

CFPB Rejects J.G. Wentworth’s Challenge to Investigative Demand

Consumer Financial Protection Bureau Director Richard Cordray this month signed an order rejecting J.G. Wentworth, LLC’s petition for an order to set aside or modify a CFPB civil investigative demand. In the order, Cordray said that the CFPB in September, 2015, has issued a civil investigative demand (CID) to J.G. Wentworth, stating in the DIC that it had been issued “to determine whether persons involved in advancing funds in exchange for the rights to future payments from structured settlements or…

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