The Clearing House Association (TCH) joined a joint-trades SCOTUS amicus in support of petitioner in Spokeo Inc. v. Thomas Robbins. The trades argue that “injury in law” claims are incompatible with separation of powers principles and the protections they provide, and that the “injury in fact” requirement ensures that the Executive – not private class action lawyers – retain the ultimate responsibility for enforcing the law and ensures accountability and prevents harmful and unreasonable enforcement actions against regulated parties. Additionally, the trades argue that “injury in law” claims enable abusive class actions on matters that are more appropriately dealt with through government enforcement.
You Might Also Be Interested In...
AML, Bank Secrecy Act and Sanctions BPI Submits Comment Letter to FinCEN Regarding AML Program Effectiveness
Bank Governance BPI Offers Recommendations to NY Financial Services Regulator on a Re-Proposed Regulation on Disclosure of Confidential Supervisory Information
Cybersecurity BPI Files Comment Letter with U.K. Banking Authorities in Response to Operational Resilience Proposals
Regulatory Reporting and Accounting BPI Submits Comment Letter to Banking Agencies on Revisions to Call Report
Consumer Affairs BPI Joins Joint Coalition Comment Letter Responding to CFPB NPR on General Qualified Mortgage Definition
More Posts by This Author
FinTech & Innovation FinTech and Big Tech Companies Want the Benefits of Banking Without the Responsibilities. Regulatory Loopholes Could Let Them Succeed.
AML, Bank Secrecy Act and Sanctions BPI Endorses Legislative Compromise to Reform Anti-Money Laundering Framework and End Anonymous Shell Companies
Bank Activities and Structure BPI Asks OCC to Furnish Data Used to Support Rushed Fair Access Proposal in FOIA Request