Thanks, Richard! I immensely enjoyed moderating this program at the #buslaw2023 sponsored by the #CFSC. The takeaways: 1. Although those of us who are industry lawyers generally don’t want the Supreme Court to overrule the Chevron judicial deference framework, the panelists believe that the Court will overrule the 1984 Chevron framework. 2. There are hundreds of cases where courts have validated federal agency regulations based exclusively on Chevron deference, including many cases in the Supreme Court. One of the cases is the 1996 Supreme Court opinion upholding the validity of an #occ regulation defining “interest” under Section 85 of the National Bank Act to include late fees on loans. 3. It is unclear whether such regulations would be subject to further attack and whether the courts would uphold their validity based on stare decisis. The Supreme Court in Raimondo is unlikely to provide any guidance about those regulations. 4. There is likely to be increased litigation challenging federal agency regulations and more of those regulations will be invalidated by courts. If you missed this program, you should consider watching the recording.
Phenomenal job by Alan Kaplinsky, Lauren Campisi, and Jonathan Masur on the future of Chevron deference in light of the Supreme Court taking on the Loper Bright Enterprises v. Raimondo case. Bravo all! #consumerfinance #buslaw2023 #cfsc