Appeals court: FHFA's single-director structure 'unconstitutional'
The Fifth Circuit Court of Appeals ruled earlier this week that the Federal Housing Finance Agency (FHFA) "is unconstitutionally structured and violates the separation of powers." Noted throughout the court's decision were arguments used in PHH Corp.'s lawsuit against the Bureau of Consumer Financial Protection (bureau).
Specifically, the Fifth Circuit cited D.C. Circuit Court of Appeals Judge – and now Supreme Court justice nominee – Brett Kavanaugh's dissent in the en banc decision that upheld the bureau's single-director structure.
In addition to the FHFA structure challenge, the Fifth Circuit has agreed to hear a challenge to the bureau's constitutionality brought by defendants accused by the bureau in 2016 of engaging in unfair payday lending conduct; a federal judge in New York also recently ruled the bureau's structure unconstitutional. The Supreme Court could eventually take up the single-director constitutionality issue to settle lower court differences.
NAFCU has long advocated for a commission structure at the bureau to ensure long term continuity and stability in its policymaking.
Add to Calendar 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) Register Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Accounting – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
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