Case: Consumer Financial Protection Bureau (CFPB) v. Financial Asset Management, Inc. (FAMI)

2:23-cv-00382 | U.S. District Court for the District of Utah

Filed Date: June 12, 2023

Closed Date: April 18, 2025

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Case Summary

This case challenged the Consumer Financial Protection Bureau's (CFPB) authority to enforce a civil investigative demand (CID) against a short-term lender amid constitutional questions about the agency's funding mechanism. On June 12, 2023, the CFPB filed a petition to enforce the CID in the U.S. District Court for the District of Utah. The CFPB sued the defendant under 12 U.S.C. § 5562(e), which authorizes the Bureau to petition a federal court for an order compelling compliance with a CID. Re…

On June 12, 2023, the CFPB filed a petition to enforce the CID in the U.S. District Court for the District of Utah. The CFPB sued the defendant under 12 U.S.C. § 5562(e), which authorizes the Bureau to petition a federal court for an order compelling compliance with a CID. Represented by its in-house enforcement attorneys, the CFPB alleged that the defendant had ceased complying with a CID issued on December 16, 2022, as part of an investigation into whether the defendant's lending practices constituted unfair, deceptive, or abusive acts or practices in violation of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536. The CFPB sought an order requiring the defendant to show cause why it should not comply with the CID, an order compelling full compliance, and costs. The case was assigned to District Judge Howard C. Nielson, Jr., who referred it to Magistrate Judge Jared C. Bennett.

The CID had required the defendant to respond to six interrogatories, four requests for written reports, and nineteen requests for documents related to its short-term, small-dollar, and installment loan business. The defendant, represented by private counsel at Troutman Pepper Hamilton Sanders LLP, initially cooperated and the parties negotiated extensions of the compliance deadlines. However, on March 31, 2023, the defendant asked the CFPB to halt its investigation pending the U.S. Supreme Court's decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd. (CFSA), in which the Fifth Circuit had held that the CFPB's funding mechanism violated the Appropriations Clause. When the CFPB refused, the defendant ceased all further compliance with the CID.

On June 23, 2023, Magistrate Judge Bennett issued an order to show cause directing the defendant to explain within 21 days of service why the court should not compel compliance with the CID. On July 19, 2023, the defendant moved to stay the proceedings pending the Supreme Court's decision in CFSA, arguing that the case could be dispositive of the constitutionality of the CFPB's funding and thus the validity of the CID itself.

On March 28, 2024, Magistrate Judge Bennett granted the defendant's motion to stay. The court found that all three relevant factors favored a stay: a stay would promote judicial economy because the Supreme Court's CFSA decision was potentially determinative; it would avoid the risk of inconsistent results; and the CFPB had not demonstrated undue prejudice, having pointed to no specific consumer complaints or identified violations by the defendant. The court denied as moot the defendant's motion for an extension of time to respond to the petition and directed the parties to file a joint status report within 14 days of the Supreme Court's CFSA decision.

On May 16, 2024, the Supreme Court decided CFSA, 601 U.S. 416, reversing the Fifth Circuit in a 7-2 decision and upholding the constitutionality of the CFPB's funding mechanism. Following that decision, the parties filed a series of joint status reports and the court issued corresponding status report orders throughout the summer and fall of 2024.

On February 12, 2025, the defendant filed a consent motion to stay, which Magistrate Judge Bennett granted the following day, staying the case until April 14, 2025. On April 18, 2025, the parties filed a joint stipulation of voluntary dismissal with prejudice under Federal Rule of Civil Procedure 41(a)(1)(A)(ii), with each party bearing its own costs, expenses, and attorneys' fees. The case was terminated on April 21, 2025.

Summary Authors

Simon Jillson (7/1/2026)

People

For PACER's information on parties and their attorneys, see: https://www.courtlistener.com/docket/67500719/parties/consumer-financial-protection-bureau-v-financial-asset-management-inc/

Judge(s)

Expert/Monitor/Master/Other

Assae-Bille, Elisabeth (Utah)

Clark, Benjamin (Utah)

Garlock, Stephanie (Utah)

Kaye, Anthony C. (Utah)

Marigoni, Nathan R. (Utah)

Judge(s)

Nielson, Howard Curtis (Utah)

Other

Assae-Bille, Elisabeth (Utah)

Clark, Benjamin (Utah)

Garlock, Stephanie (Utah)

Kaye, Anthony C. (Utah)

Marigoni, Nathan R. (Utah)

Reise, Sarah T. (Utah)

Attorney Contact Information via CourtListener

Documents in the Clearinghouse

Documents in this case

1 2:23-cv-00382	Petition To Enforce Civil Investigative Demand And Supporting Memorandum Consumer Financial Protection Bureau v. Financial Asset Management, Inc.	June 12, 2023	June 12, 2023 Pleading / Motion / Brief
6 2:23-cv-00382	Order to Show Cause	June 23, 2023	June 23, 2023 Order/Opinion
8 2:23-cv-00382	Respondent Financial Asset Management, Inc.’s Motion To Stay Pending U.S. Supreme Court Decision In Community Financial Services Association Of America Ltd. V. Cfpb Consumer Financial Protection Bureau v. Financial Asset Management, Inc.	July 19, 2023	July 19, 2023 Pleading / Motion / Brief
22 2:23-cv-00382	Memorandum Decision AND Order on Motion for Extension of Time to File Response/Reply AND Order on Motion to Stay	March 28, 2024	March 28, 2024 Order/Opinion 2024 WL 1330010
35 2:23-cv-00382	Order Consumer Financial Protection Bureau v. Financial Asset Management, Inc.	Feb. 13, 2025	Feb. 13, 2025 Order/Opinion
37 2:23-cv-00382	Joint Stipulation of Voluntary Dismissal With Prejudice Pursuant To F.R.C.P. 41(A)(1)(A)(ii) Consumer Financial Protection Bureau v. Financial Asset Management, Inc.	April 18, 2025	April 18, 2025 Pleading / Motion / Brief

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Docket

See docket on RECAP: https://www.courtlistener.com/docket/67500719/consumer-financial-protection-bureau-v-financial-asset-management-inc/

Last updated Sept. 3, 2026, 3:16 a.m.

Docket for: Consumer Financial Protection Bureau v. Financial Asset Management Inc

ECF Number	Date	Description	Link
1	June 12, 2023	PETITION to Enforce Administrative Subpoena. Fee waived filed by Consumer Financial Protection Bureau. (Attachments: # 1 Civil Cover Sheet, # 2 Affidavit E. Vanessa Assae-Bille, # 3 Exhibit A - Civil Investigative Demand (CID) to FAMI & E-Mail re: Service, # 4 Exhibit B - Jan. 2023 FAMI Modification Requests, # 5 Exhibit C - Feb. 2023 CFPB Modifications to CID, # 6 Exhibit D - Mar. 2023 FAMI Modification Requests, # 7 Exhibit E - Mar. 2023 CFPB Modifications to CID, # 8 Exhibit F - FAMI Production Cover Letters, # 9 Exhibit G - E-Mail Exchange re: Compliance & CFSA, # 10 Exhibit H - E-Mail Exchange re: Interrogatory No. 4, # 11 Text of Proposed Order) (Assae-Bille, Elisabeth) (Entered: 06/12/2023) 1 Civil Cover Sheet View on PACER 2 Affidavit E. Vanessa Assae-Bille View on PACER 3 Exhibit A - Civil Investigative Demand (CID) to FAMI & E-Mail re: Service View on PACER 4 Exhibit B - Jan. 2023 FAMI Modification Requests View on PACER 5 Exhibit C - Feb. 2023 CFPB Modifications to CID View on PACER 6 Exhibit D - Mar. 2023 FAMI Modification Requests View on PACER 7 Exhibit E - Mar. 2023 CFPB Modifications to CID View on PACER 8 Exhibit F - FAMI Production Cover Letters View on PACER 9 Exhibit G - E-Mail Exchange re: Compliance & CFSA View on PACER 10 Exhibit H - E-Mail Exchange re: Interrogatory No. 4 View on PACER 11 Text of Proposed Order View on PACER	Clearinghouse
2	June 12, 2023	NOTICE of Appearance by Benjamin Clark on behalf of Consumer Financial Protection Bureau (Clark, Benjamin) (Entered: 06/12/2023)	RECAP
3	June 13, 2023	Case Assigned to Judge Howard C. Nielson, Jr. Case number will now read 2:23-cv-00382-HCN. Please make changes to document captions accordingly. (nl) (Entered: 06/13/2023)	RECAP
4	June 14, 2023	DOCKET TEXT ORDER REFERRING CASE to Magistrate Judge Jared C. Bennett under 28:636 (b)(1)(A), Magistrate to hear and determine all nondispositive pretrial matters. No attached document. Signed by Judge Howard C. Nielson, Jr on 6/14/23. (dle) (Entered: 06/14/2023)	RECAP
5	June 14, 2023	ORDER MODIFYING REFERRAL of Magistrate Judge Jared Bennett to 28:636 (b)(1)(B) from (b)(1)(A), Magistrate to handle case up to and including R&R on all dispositive matters. Signed by Judge Howard C. Nielson, Jr., on 6/14/2023. (mlp) (Entered: 06/14/2023)	RECAP
	June 14, 2023	Order Referring Case to Magistrate Judge
	June 14, 2023	Order Modifying Referral
6	June 23, 2023	ORDER TO SHOW CAUSE- IT IS HEREBY ORDERED that, within 21 days of service of a copy of this Order, Respondent shall, in writing, show cause, if there be any, why an Order Compelling Compliance with the CID should not be granted in accordance with the Petition filed by the Bureau. (See order for further rulings.) Signed by Magistrate Judge Jared C. Bennett on 6/23/2023. (jwt) (Entered: 06/23/2023)	Clearinghouse
7	June 30, 2023	CERTIFICATE OF SERVICE by Consumer Financial Protection Bureau re 6 Order to Show Cause, 1 Petition to Enforce Administrative Subpoena,, (Clark, Benjamin) (Entered: 06/30/2023)	RECAP
8	July 19, 2023	MOTION to Stay and Memorandum in Support Pending U.S. Supreme Court Decision in Community Financial Services Association of America Ltd. v. CFPB filed by Respondent Financial Asset Management, Inc.. (Attachments: # 1 Exhibit 1 - CID to Check City Partnership, LLC, # 2 Exhibit 2- CID to Purpose Financial, Inc.) Motions referred to Jared C. Bennett. Attorney Nathan R. Marigoni added to party Financial Asset Management, Inc.(pty:res)(Marigoni, Nathan) (Entered: 07/19/2023) 1 Exhibit 1 - CID to Check City Partnership, LLC View on RECAP 2 Exhibit 2- CID to Purpose Financial, Inc. View on RECAP	Clearinghouse
9	July 19, 2023	MOTION for Extension of Time to File Response/Reply as to 1 Petition to Enforce Administrative Subpoena,, Pending Resolution of Motion to Stay filed by Respondent Financial Asset Management, Inc.. (Attachments: # 1 Text of Proposed Order) Motions referred to Jared C. Bennett.(Marigoni, Nathan) (Entered: 07/19/2023)	RECAP
10	July 24, 2023	MEMORANDUM in Opposition re 9 MOTION for Extension of Time to File Response/Reply as to 1 Petition to Enforce Administrative Subpoena,, Pending Resolution of Motion to Stay filed by Petitioner Consumer Financial Protection Bureau. (Clark, Benjamin) (Entered: 07/24/2023)	RECAP
11	July 26, 2023	NOTICE of Appearance by Anthony C. Kaye on behalf of Financial Asset Management, Inc. (Kaye, Anthony) (Entered: 07/26/2023)	RECAP
12	July 26, 2023	MOTION for Admission Pro Hac Vice of Sarah T. Reise, Registration fee $ 50, receipt number AUTDC-4756423,Attorneys awaiting Pro Hac Vice admission should immediately register to efile and receive electronic notification of case activity in the District of Utah at https://www.pacer.uscourts.gov/cmecf/dcbk.html.Registration requests will not be approved until the court has granted the pro hac vice motion. Instructions are available on the court's website at https://www.utd.uscourts.gov/cmecf-electronic-case-filing. filed by Respondent Financial Asset Management, Inc.. (Attachments: # 1 Exhibit Application for Pro Hac Vice Admission, # 2 Text of Proposed Order)(Marigoni, Nathan) (Entered: 07/26/2023)	RECAP
13	July 27, 2023	ORDER granting 12 Motion for Admission Pro Hac Vice of Attorney Sarah T. Reise for Financial Asset Management, Inc..Attorneys admitted Pro Hac Vice must register to efile and receive electronic notification of case activity in the District of Utah at https://www.pacer.uscourts.gov/cmecf/dcbk.html. Instructions are available at https://www.utd.uscourts.gov/cmecf-electronic-case-filing.A Pro Hac Vice Attorney who fails to register for CM/ECF access will not receive notifications of electronic filings.Attorneys admitted Pro Hac Vice may download a copy of the District of Utahs local rules from the courts web site at https://www.utd.uscourts.gov/rules-practice. Signed by Magistrate Judge Jared C. Bennett on 7/27/23. (dle) (Entered: 07/27/2023)	RECAP
14	Aug. 2, 2023	NOTICE of Appearance by Stephanie Garlock on behalf of Consumer Financial Protection Bureau (Garlock, Stephanie) (Entered: 08/02/2023)	RECAP
15	Aug. 2, 2023	MEMORANDUM in Opposition re 8 MOTION to Stay and Memorandum in Support Pending U.S. Supreme Court Decision in Community Financial Services Association of America Ltd. v. CFPB filed by Petitioner Consumer Financial Protection Bureau. (Garlock, Stephanie) (Entered: 08/02/2023)	RECAP
16	Aug. 7, 2023	REPLY to Response to Motion re 9 MOTION for Extension of Time to File Response/Reply as to 1 Petition to Enforce Administrative Subpoena,, Pending Resolution of Motion to Stay Respondent Financial Asset Management, Inc.'s Reply In Support Of Its Motion For Extension Of Time filed by Respondent Financial Asset Management, Inc.. (Marigoni, Nathan) (Entered: 08/07/2023)	RECAP
17	Aug. 16, 2023	REPLY to Response to Motion re 8 MOTION to Stay and Memorandum in Support Pending U.S. Supreme Court Decision in Community Financial Services Association of America Ltd. v. CFPB filed by Respondent Financial Asset Management, Inc.. (Kaye, Anthony) (Entered: 08/16/2023)	RECAP
18	Sept. 21, 2023	NOTICE of SUPPLEMENTAL AUTHORITY by Consumer Financial Protection Bureau re 8 MOTION to Stay and Memorandum in Support Pending U.S. Supreme Court Decision in Community Financial Services Association of America Ltd. v. CFPB (Attachments: # 1 Carnes Stay Decision) (Garlock, Stephanie) (Entered: 09/21/2023)	RECAP
19	Sept. 28, 2023	RESPONSE re 18 Notice of Supplemental Authority,, filed by Financial Asset Management, Inc.. (Marigoni, Nathan) (Entered: 09/28/2023)	RECAP
20	Oct. 30, 2023	RESPONSE to Motion re 8 MOTION to Stay and Memorandum in Support Pending U.S. Supreme Court Decision in Community Financial Services Association of America Ltd. v. CFPB Respondent Financial Asset Management Inc.'s Notice of Supplemental Authority filed by Respondent Financial Asset Management, Inc.. (Marigoni, Nathan) (Entered: 10/30/2023)	RECAP
21	Nov. 1, 2023	RESPONSE re 20 Response to Motion,,Notice of Supplemental Authority filed by Consumer Financial Protection Bureau. (Garlock, Stephanie) (Entered: 11/01/2023)	RECAP
22	March 28, 2024	MEMORANDUM DECISION AND ORDER: FAMI's motion to stay the Petition is GRANTED. This case is STAYED pending the Supreme Court's decision in CFSA. FAMI's motion for an extension of time to respond to the Petition is DENIED AS MOOT. Signed by Magistrate Judge Jared C. Bennett on 3/28/24. (dle) (Entered: 03/28/2024)	Clearinghouse
23	May 29, 2024	STATUS REPORT by Consumer Financial Protection Bureau, Financial Asset Management, Inc.. (Clark, Benjamin) (Entered: 05/29/2024)	RECAP
24	June 10, 2024	DOCKET TEXT STATUS REPORT ORDER. For the reasons set forth in 23 STATUS REPORT, the court HEREBY ORDERS the parties to file a joint status report on or before 08/28/2024 to notify the court of the status of this case and any remaining disputes over compliance with the civil investigative demand. Status Report due by 08/28/2024. Signed by Magistrate Judge Jared C. Bennett on 06/10/2024. (docket text order; no attached document) (jcd) (Entered: 06/10/2024)	RECAP
	June 10, 2024	Status Report Order
25	June 17, 2024	NOTICE OF WITHDRAWAL OF COUNSEL of Anthony C. Kaye filed by Anthony C. Kaye on behalf of Financial Asset Management, Inc. (Kaye, Anthony) (Entered: 06/17/2024)	RECAP
	June 17, 2024	Modification of Docket. Correction: Dft's name has been corrected to conform more closely with this court's "Standards and Guidelines for Adding Parties" (punctuation marks removed from name). (alt)
26	Aug. 27, 2024	STATUS REPORT Joint Status Report by Financial Asset Management Inc. (Marigoni, Nathan) (Entered: 08/27/2024)	RECAP
27	Aug. 28, 2024	DOCKET TEXT STATUS REPORT ORDER. For the reasons set forth in 26 STATUS REPORT Joint Status Report, the court HEREBY ORDERS the parties to file a joint status report on or before 09/13/2024 to notify the court of the status of this case and any remaining disputes over compliance with the civil investigative demand. Status Report due by 09/13/2024. Signed by Magistrate Judge Jared C. Bennett on 08/28/2024. (jcd) (Entered: 08/28/2024)	RECAP
	Aug. 28, 2024	Status Report Order
28	Sept. 13, 2024	STATUS REPORT Joint Status Report by Financial Asset Management Inc. (Marigoni, Nathan) (Entered: 09/13/2024)	RECAP
29	Sept. 19, 2024	DOCKET TEXT STATUS REPORT ORDER. For the reasons set forth in 28 STATUS REPORT Joint Status Report, the court HEREBY ORDERS the parties to file a joint status report on or before 10/11/2024 to notify the court of the status of this case and any remaining disputes over compliance with the civil investigative demand. Status Report due by 10/11/2024. Signed by Magistrate Judge Jared C. Bennett on 09/19/2024. (docket text order; no attached document) (jcd) (Entered: 09/19/2024)	RECAP
	Sept. 19, 2024	Status Report Order
30	Oct. 11, 2024	STATUS REPORT Joint Status Report by Consumer Financial Protection Bureau. (Clark, Benjamin) (Entered: 10/11/2024)	RECAP
31	Oct. 16, 2024	DOCKET TEXT STATUS REPORT ORDER. For the reasons set forth in 30 STATUS REPORT Joint Status Report, the court HEREBY ORDERS the parties to file a joint status report on or before 01/24/2025 to notify the court of the status of this case and any remaining disputes over compliance with the civil investigative demand. Status Report due by 01/24/2025. Signed by Magistrate Judge Jared C. Bennett on 10/16/2024. (docket text order; no attached document) (jcd) (Entered: 10/16/2024)	RECAP
	Oct. 16, 2024	Status Report Order
32	Jan. 16, 2025	STATUS REPORT by Financial Asset Management Inc. (Reise, Sarah) (Entered: 01/16/2025)	RECAP
33	Jan. 17, 2025	DOCKET TEXT STATUS REPORT ORDER. For the reasons set forth in 32 JOINT STATUS REPORT, the court HEREBY ORDERS the parties to file a joint status report on or before 03/24/2025 to notify the court of the status of this case and any remaining disputes over compliance with the civil investigative demand. Status Report due by 03/24/2025. Signed by Magistrate Judge Jared C. Bennett on 01/17/2025. (jcd) (Entered: 01/17/2025)	RECAP
	Jan. 17, 2025	Status Report Order
34	Feb. 12, 2025	MOTION to Stay and Memorandum in Support filed by Respondent Financial Asset Management Inc. (Attachments: # 1 Exhibit A, # 2 Exhibit B, # 3 Exhibit C, # 4 Proposed Order) Motions referred to Jared C. Bennett.(Marigoni, Nathan) (Entered: 02/12/2025)	RECAP
35	Feb. 13, 2025	ORDER granting 34 Consent Motion to Stay. Signed by Magistrate Judge Jared C. Bennett on 2/13/25. (dle) (Entered: 02/13/2025)	Clearinghouse
35	Feb. 13, 2025	ORDER granting 34 Consent Motion to Stay. Signed by Magistrate Judge Jared C. Bennett on 2/13/25. (dle) (Entered: 02/13/2025)	Clearinghouse
36	March 13, 2025	NOTICE OF WITHDRAWAL OF COUNSEL of Stephanie Garlock filed by Stephanie Garlock on behalf of Consumer Financial Protection Bureau (Garlock, Stephanie) (Entered: 03/13/2025)	RECAP
37	April 18, 2025	STIPULATION of Dismissal with Prejudice Pursuant to F.R.C.P. 41(a)(1)(A)(ii) by Consumer Financial Protection Bureau, Financial Asset Management Inc. (Clark, Benjamin) (Entered: 04/18/2025)	Clearinghouse
	April 21, 2025	Civil Case Terminated in light of 37 Stipulation of Dismissal with Prejudice. Case closed. Magistrate Judge Jared C. Bennett no longer assigned to case. (dle)

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Case Details

State / Territory:

Utah

Case Type(s):

Fair Housing/Lending/Insurance

Public Benefits/Government Services

Special Collection(s):

Trump Administration 2.0: Reversing Course on Existing Litigation

Fair Lending

Key Dates

Filing Date: June 12, 2023

Closing Date: April 18, 2025

Case Ongoing: No

Plaintiffs

Plaintiff Description:

The Consumer Financial Protection Bureau (CFPB), an independent federal agency charged with regulating consumer financial products and services.

Plaintiff Type(s):

Non-DOJ federal government plaintiff

Public Interest Lawyer: Yes

Filed Pro Se: No

Class Action Sought: No

Class Action Outcome: Not sought

Defendants

Private Entity/Person

Financial Asset Management, Inc.

Defendant Type(s):

Bank or credit provider

Facility Type(s):

Non-government for-profit

Case Details

Other Dockets:

District of Utah 2:23-cv-00382

Available Documents:

Complaint (any)

Non-settlement Outcome

Trial Court Docket

Outcome

Prevailing Party: Defendant

Relief Sought:

Attorneys fees

Injunction

Relief Granted:

None

Source of Relief:

None

Form of Settlement:

Voluntary Dismissal

Issues

General/Misc.:

Other Banking

Predatory lending

Recommended Citation

Case Summary of Consumer Financial Protection Bureau (CFPB) v. Financial Asset Management, Inc. (FAMI), Civil Rights Litig. Clearinghouse, https://clearinghouse.net/case/48252/ (last updated 7/1/2026).