Here. Behind a paywall, but also available on Lexis. Excerpt:
* * *The Fifth Circuit is claiming the CFPB wields broader regulatory authority than the Fed, a full-fledged bank regulator that engages in rulemaking and enforcement, operates the payment systems that are the backbone of the economy, and regulates monetary policy and employment. This is what is known as "motivated reasoning."
* * *
Consider a mortgage lender that needs to make disclosures when making a loan. For years that lender has been using the disclosure forms promulgated by the CFPB, knowing that using them shields it from liability. If the agency is unconstitutional, the use of those forms ceases to provide any legal protection.
Likewise, the CFPB's Qualified Mortgage safe harbor from theDodd-Frank Act's ability-to-repay requirement will disappear if the CFPB is unconstitutional, triggering immediate liability on lenders' warranties to investors that the mortgages they sold them were qualified mortgages. Every bank that charges an overdraft fee will suddenly be breaking the law, because overdraft fees are exempted from cost of credit disclosures by virtue of CFPB regulation.
