August 3, 2018
Lucy Morris addresses constitutionality of CFPB structure in Auto Remarketing Magazine
In the August issue of Auto Remarketing, Hudson Cook Partner Lucy Morris discusses the potential ramifications of a recent ruling by New York federal judge Loretta Preska finding that the Consumer Financial Protection Bureau (CFPB) is unconstitutionally structured. Lucy explained that, " . . . according to the court, the bureau's structure is unconstitutional, and there's no way for a court to fix it. If the court is correct, then it calls into questions not just this single enforcement action, but everything the bureau has done since its inception, whether by (Richard) Cordray or(Mick) Mulvaney."
Lucy was a founding member of the CFPB Implementation Team that organized the CFPB after passage of the Dodd-Frank Act. She also previously served as a Deputy Enforcement Director at the CFPB, where she was responsible for overseeing investigations and litigation relating to consumer financial products and services, including credit cards, mortgage origination, mortgage servicing, payday lending, debt collection, credit reporting, and debt settlement.
Click here to read the article in the August 1-4, 2018 Auto Remarketing magazine (page 28).