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Volume 25 - Number 5

March 3, 2014

Lingering Challenge to CFPB Constitutionality Limps On

Late last month, briefs were filed in the U.S. Court of Appeals for the D.C. Circuit by the appellants in State National Bank of Big Spring, Texas, et al. v. Lew, et al., a case which includes a lingering challenge to the CFPB's constitutionality. The private appellants in the case are State National Bank of Big Spring, and two DC area non-profit organizations, the 60 Plus Association and The Competitive Enterprise Institute. Originally, they challenged the constitutionality of CFPB Director Richard Cordray's recess appointment, while also asserting that the bureau’s structure and authority were in violation of the Constitution's separation of powers.

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HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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