People photograph the Audi R8 Spyder during the Canadian International Auto Show in Toronto on Thursday, Feb. 16, 2017. (Mark Blinch/Canadian Press via AP)
Court to reconsider ruling on watchdog

A federal appeals court said Thursday it will reconsider its earlier ruling that would have increased the president’s authority over the government’s consumer finance watchdog agency, a target of criticism from banks and Republican lawmakers.

A divided three-judge panel ruled last year that the way the Consumer Financial Protection Bureau is organized violates the Constitution’s separation of powers by limiting the president’s ability to fire the agency director. That decision would have given President Trump the power to fire CFPB chief Richard Cordray at will, a move sought by some Republican lawmakers. Cordray is a Democrat and Obama appointee whose five-year term ends next year.

But the full U.S. Court of Appeals for the District of Columbia said it would grant the bureau’s request to throw out that ruling and hear arguments in the case again May 24.

The banking industry has viewed the CFPB as a thorn in its side, accusing it of overreaching in its regulation of consumer financial activities. Trump has promised to dismantle the 2010 law that created the bureau in response to the financial crisis.

— Associated Press

Snapchat parent says it’s worth $22 billion

The parent of social network Snapchat is valuing itself at up to $22 billion as it prepares for the tech industry’s biggest initial public offering in years.

Snap said in a regulatory filing Thursday that the IPO is likely to be priced at $14 to $16 per share. Had the IPO price matched the $30.72 per-share price obtained in its last round of financing, Snap would have a market value of about $30 billion, based on the quantity of outstanding stock listed in its IPO documents.

Snap’s highly anticipated IPO would be the largest since China’s Alibaba Group went public in 2014. Social network giant Facebook raised $16 billion when it went public in 2012.

Snap co-founders Evan Spiegel and Robert Murphy will have controlling power of Snap through a special class of stock.

Snap is expected to trade on the New York Stock Exchange under the “SNAP” ticker.

— Associated Press

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