John R. Coleman quoted in S&P Global article, “CFPB guidance, enforcement hang in the balance of US Supreme Court appeal”
S&P GlobalJohn R. Coleman
The S&P Global article, “CFPB guidance, enforcement hang in the balance of US Supreme Court appeal,” explores the possible ramifications for the bureau if the Supreme Court agrees to hear the CFPB’s appeal of the Fifth Circuit’s ruling that the agency’s funding was unconstitutional. Some have speculated that the decision could invalidate any enforcement action or guidance the CFPB has ruled on since its inception under the Dodd-Frank Act.
Former CFPB Deputy General Counsel John Coleman noted that the decision could “call into question everything the agency has done in the past, as well as its ability to continue operating.” He also noted that if the case is heard, “Lower courts are likely to take a wait-and-see approach,” when it comes to their own decision-making processes. With regard to whether the Supreme Court would side with the lower court, given all that hangs on the decision, Coleman said, “It would be extraordinary, which may be one reason the Supreme Court will look for a different outcome.”