Following the Supreme Court’s decision in Selia Law v. CFPB, the CFPB announced that it was ratifying “the large majority of its existing regulations” and certain other regulatory actions taken from January 4, 2012 through June 30, 2020 (Ratified Actions).  Selia Law held that the Dodd-Frank provision that only allows the President to remove the CFPB Director “for cause” violates the separation of powers in the U.S. Constitution.

As noted in a BallardSpahr blog, “[t]he ratification relates back to the original date of each action that it ratifies and covers all of the following regulatory actions during the time period above with the two exceptions…”  Excepted from this ratification are “the Bureau’s 2017 final arbitration rule (which was overridden by Congress pursuant to a joint resolution under the Congressional Review Act that was signed by the President) and the Bureau’s 2017 final payday loan rule.  The Bureau has rescinded the payday loan rule’s underwriting provisions and issued a separate document ratifying its payments provisions.”