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The MReport Webcast: Monday 7/27/2015

On Friday, a federal appeals court revived a lawsuit that challenged the constitutionality of the Consumer Financial Protection Bureau. The U.S. Court of Appeals for the District of Columbia Circuit ruled that a Texas bank had legal standing to proceed with a lawsuit arguing that the structure of the CFPB is unconstitutional.

The State National Bank of Big Spring in Texas is arguing against the formation and operation of the CFPB. The bank's arguments also include a claim that independent government agencies must be headed by multiple members, not by a single director, as is the case at the CFPB. The court ruled unanimously and found the State National Bank of Big Spring "is not a mere outsider asserting a constitutional objection to the bureau" and is subject to the bureau's rulemaking powers.

 

In June, new single-family home sales dropped below the rate in May, but remain strong on a year-over-year basis, according to HUD and the U.S. Census Bureau's June New Residential Sales data. The data determined that new single-family home sales in June 2015 were at a seasonally adjusted annual rate of 482,000, 6.8 percent below the revised May rate of 517,000. The median sales price of new houses sold in June 2015 was $281,800 and the average sales price was $328,700.

About Author: Jordan Funderburk

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