Trump's Supreme Court nominee previously ruled bureau structure 'unconstitutional'
President Donald Trump on Monday nominated Judge Brett Kavanaugh to the Supreme Court. Kavanaugh has served on the U.S. Court of Appeals for the D.C. Circuit since 2006; in 2016, Kavanaugh wrote an opinion for a three-judge panel that found the Bureau of Consumer Financial Protection's (bureau) single-director structure unconstitutional.
In the opinion, Kavanaugh argued that in lieu of a multi-person commission, the bureau's director should at least be supervised and able to be fired at will by the president in order to increase accountability.
Kavanaugh's original opinion was overturned earlier this year by an en banc panel of the D.C. Circuit. However, there continues to be challenges in other courts: the U.S. Court of Appeals for 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, and a federal judge in New York also recently ruled the bureau's structure unconstitutional. The Supreme Court could eventually take up the bureau's constitutionality case 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. The association is supportive of legislation to reform the bureau's governance structure to a bipartisan commission, as well as other reforms pursued by Congress and Acting Director Mick Mulvaney to reduce credit unions' regulatory burden.
Kavanaugh has published more than 300 opinions and is respected for his ability to build consensus. Kavanaugh will replace retiring Justice Anthony Kennedy if confirmed by the Senate.
Add to Calendar 2021-01-22 14:00:00 2021-01-22 14:00:00 Paycheck Protection Program - What Credit Unions Need to Know About Round 3 This webinar will provide a detailed overview of all of the changes to the Paycheck Protection Program (PPP) as a result of the Economic Aid Act and the two new interim final rules issued by the Small Business Administration (SBA) on January 6, 2020. We will discuss key issues to consider when originating first time and second draw PPP loans, as well as the corresponding lender obligations. There will also be a discussion on how to handle requests to increase existing PPP loans as a result in changes to the rules and how to properly document loan increases. Finally, there will be a brief Q&A session at the end so that you can pose your most pressing questions. Key Takeaways Review changes to the PPP rules Discuss Second Draw PPP Loans Understand PPP Loan Increases Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until January 22, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Compliance Officers (NCCOs) Presidents and Chief Executive Officers Chief Lending Officers Chief Financial Officers Lending and finance staff Risk titles Compliance and risk staff Education Credits NCRMs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Review changes to the PPP rules. Discuss Second Draw PPP Loans. Understand PPP Loan Increases. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. 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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