In The News

Andrew L. Sandler Quoted in American Banker Article, "Cheat Sheet: What CFPB Constitutionality Ruling Means for Banks"

Andrew L. Sandler was quoted on October 12, 2016 in an American Banker article regarding the U.S. Court of Appeals decision determining the structure of the Consumer Financial Protection Bureau (CFPB) to be unconstitutional. The article provided four key takeaways of the court’s decision, including: (i) the court’s decision regarding RESPA may be an even bigger concern; (ii) the ruling calls into question the constitutionality of the OCC and FHFA; (iii) an appeal is likely, and its outcome is conjecturally unclear; and (iv) the ruling will strengthen calls for a bipartisan commission.

American Banker paraphrased Sandler as saying, “the CFPB has to appeal the case because the decision creates an opening for other attorneys to pursue the agency in court.”

Sandler went on to say, "The court sought to apply an elegant solution to create stability. However, lawyers will be looking for ways to argue that prior acts of the bureau should be deemed invalid because the bureau was operating on an unconstitutional basis."

Click here to read the full article at www.americanbanker.com

This article was also picked up by National Mortgage News: Click here to read the full article at www.nationalmortgagenews.com