5th Circ. Rejects CFPB Bid For Docs From Public Records Co.
Partner Ron Raether is quoted in a Law360 story titled, “5th Circ. Rejects CFPB Bid For Docs From Public Records Co.” The article details Troutman Sanders’ recent win on behalf of the Source for Public Data in which the U.S. Court of Appeals for the Fifth Circuit held that the Consumer Financial Protection Bureau (CFPB) ignored congressionally mandated limits on its powers when it issued a civil investigative demand (CID) to the Source for Public Data. The decision represents a significant victory for those concerned that the CFPB, under the prior director, had been conducting aggressive, overreaching investigations and may do so in the future. Raether is quoted, saying, “The Fifth Circuit’s decision upholds limits that Congress placed on the CFPB’s investigatory powers and will serve as an important defense against overreaching government investigations.” Bruce Stringfellow, president of the Source for Public Data also is quoted in the story, saying, “We are thrilled with this result and with the team of Troutman Sanders attorneys who made it happen. We asked Troutman Sanders for great legal work, and we got it.” Raether, Keith Barnett, Timothy Butler and Jonathan Yee represented the Source for Public Data before the Fifth Circuit.