Posted on Aug 15, 2018

Financial Solutions

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MEMPHIS, Tenn. — Senior U.S. District Judge for the Southern District of New York Loretta Preska issued an opinion on June 21 that has set the consumer finance world atwitter, sparking discussions of a potential review by the Supreme Court.

In her opinion, Preska, a 1992 George H.W. Bush appointee, ruled that the structure of the Consumer Finance Protection Bureau violates the Constitution’s and, as such, terminated the bureau’s status as a party to a lawsuit. She went on to say that she would strike an entire section of the 2010 Dodd-Frank Act relating to the establishment of the CFPB, rather than overhauling it, as other judges have suggested.
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