On October 3, the second morning of its new term, the Supreme Court of the United States (SCOTUS) heard oral arguments in the case of Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited. This case is the latest iteration in the broadside attacks on the Bureau by an industry hoping to neuter its impact, at least during periods of Republican control of Congress.Continue Reading A Lively Supreme Court Argument on the Constitutionality of CFPB Funding: Ruling Not Expected for Several Months
A three-judge panel of the United States Fifth Circuit Court of Appeals held that the CFPB’s funding structure is unconstitutional. The CFPB must now consider whether to appeal to the Supreme Court, seek en banc review (by all of the Fifth Circuit judges), or let the ruling stand (which does not dissolve the CFPB). If the CFPB chooses to let the ruling stand, then the CFPB’s Payday Lending Rule is invalidated.
Continue Reading Fifth Circuit Holds CFPB Funding Structure is Unconstitutional, Invalidates Payday Lending Rule