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CFPB Files Proposed Rule 54(b) Judgment in RD Legal Case

The CFPB has filed a proposed Rule 54(b) judgment in the RD Legal Funding case.  The proposed judgment provides that “for the reasons stated in the Court’s June 21, 2018 Order, (ECF No. 80), final judgment is hereby entered pursuant to Rule 54(b) against the Consumer Financial Protection Bureau and in favor of Defendants [RD Legal Funding et al.]”

In her June 21 order, Judge Preska ruled that the CFPB’s structure is unconstitutional and struck all of Title X of Dodd-Frank.  Since Judge Preska, on August 23, entered an order granting the CFPB’s request for entry of a Rule 54(b) judgment so that it could appeal her June 21 ruling, she can be expected to sign the proposed order.  In a letter accompanying the proposed order, the CFPB states that “the parties have conferred” and the NYAG and all of the defendants “do not object to the proposed judgment.”

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About this Author

Barbara S. Mishkin, Ballard Spahr, Philadelphia, Deceptive Practices Lawyer, Fair Debt Collection Practices Act, Gramm Leach Bliley
Of Counsel

Barbara Mishkin focuses on consumer compliance and banking law. The federal laws with which Ms. Mishkin has dealt extensively include the Truth in Lending Act, Equal Credit Opportunity Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Gramm-Leach-Bliley Act. She also has significant experience with state usury and lender licensing laws, as well as state laws prohibiting unfair and deceptive acts and practices.

American Bar Association, member, Consumer Financial Services Committee;...

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