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Steve Brotman, West Palm Beach lawyer and member of Locke Lord’s Financial Services Litigation Practice Group, was quoted by PYMNTS on the implications of the U.S. Supreme Court’s decision to overturn the Chevron deference doctrine for the Consumer Financial Protection Bureau (CFPB) and other federal agencies. Brotman explains that the decision doesn’t overrule any existing orders, “But I think it is important to know what this decision doesn’t do, and first and foremost, is that it doesn’t overrule any existing decisions.”
While the Chevron ruling may not put the CFPB or other financial regulating agencies at existential risk, the ambiguity introduced by this ruling may impact lesser litigated matters, as Brotman notes: “There’s no reason to panic and think that those are going to change overnight. I think the types of topics going forward that are in the state of play could be junk fees or artificial intelligence or cryptocurrency, areas that haven’t really been litigated much over the years. Those are the areas where I think you’ll see the initial litigation.”
Read the full PYMNTS article (subscription may be required), and read Brotman’s co-authored QuickStudy on the topic The End of the Road for Chevron.
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