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Supreme Court of the United States › Constitutional Challenges › Financial Services Industry

The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary... more +
The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term.  The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -
Orrick, Herrington & Sutcliffe LLP

Group of passive securitization trusts filed petition for certiorari with U.S. Supreme Court on CFPB enforcement remedies

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On August 16, a group of passive securitization trusts formed between 2001 and 2007 (the petitioners or trusts) petitioned the U.S. Supreme Court for a writ of certiorari to hear its case against the CFPB on the...more

Hudson Cook, LLP

CFPB Bites of the Month Webinar Recap: The CFPB and the Dust of June

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In this month's article, we share some of our top "bites" covered during the June 2024 webinar....more

Ballard Spahr LLP

CFPB announces March 30, 2025 compliance date for payday lending rule

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In a blog post published at the end of last week, the CFPB announced that its payday lending rule (Rule) would go into effect on March 30, 2025.  Because the Rule’s ability to pay requirements were rescinded, the only...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Did the Supreme Court Hand the CFPB a Pyrrhic Victory?

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Special guest Professor Hal Scott of Harvard Law School joins us today as we delve into the thought-provoking question of whether the Supreme Court’s recent decision in the landmark case of CFSA v. CFPB really hands the CFPB...more

Akerman LLP

Explainer Things: Season 2 Episode 3

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It has been a busy time for us at Explainer Things. Awards season is over, but the fintech regulatory drama is in midseason form. The star of this episode is of course the Supreme Court’s decision on the future of the CFPB....more

Saul Ewing LLP

U.S. Supreme Court Upholds CFPB’s Funding Mechanism as Constitutional

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On May 16, 2024, the United States Supreme Court issued its highly anticipated decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, determining once and for all that the...more

Mayer Brown

The Consequences of the US Supreme Court’s Decision Upholding the CFPB’s Funding Structure

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On May 16, 2024, the US Supreme Court upheld the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) funding structure in a decision that will have significant ramifications on both the CFPB’s rulemaking...more

Venable LLP

What the CFPB’s Supreme Court Victory Means for Financial Institutions

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Until recently, the most popular topic of discussion in the financial services world has been the outcome of the Supreme Court case CFPB v. Community Financial Services Association of America, regarding the constitutionality...more

Ballard Spahr LLP

Was it a pyrrhic victory for the CFPB in the Supreme Court in CFSA v. CFPB?

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On May 16, Justice Thomas issued the majority opinion in which the Supreme Court held, by a 7-2 vote, that the CFPB’s funding mechanism comported with the Appropriations Clause of the Constitution which states, in relevant...more

Ballard Spahr LLP

SCOTUS CFSA decision to have broad impact

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The U.S. Supreme Court’s ruling last week in CFSA v. CFPB that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution removes what many observers consider to be the last remaining...more

Locke Lord LLP

Supreme Court Resolves Circuit Split ‎and Decides CFPB's Funding Structure Is Constitutional

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On May 16, 2024, the U.S. Supreme Court resolved the Circuit Split discussed in our prior QuickStudy and ruled in a 7-2 decision that the Consumer Financial Protection Bureau’s (“CFPB”) funding structure does not violate the...more

Burr & Forman

United States Supreme Court Rejects Challenge to the Consumer Financial Protection Bureau’s Funding Mechanism

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Last Thursday, the Supreme Court upheld the Congressional funding mechanism used to fund the Consumer Financial Protection Bureau (CFPB), overruling a Fifth Circuit decision that found the funding mechanism violated the...more

Morgan Lewis - All Things FinReg

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

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The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of...more

Katten Muchin Rosenman LLP

The CFPB Lives On and Arbitrable Lawsuits Must Be Stayed (Not Dismissed)

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The Supreme Court was busy last week issuing opinions of interest to consumer finance companies, CFPB-regulated entities, and anyone who finds themselves enforcing arbitration rights in court....more

Paul Hastings LLP

The CFPB Survives: Our Take on the Supreme Court Decision

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On May 16, 2024, the United States Supreme Court, in a 7-2 opinion authored by Justice Clarence Thomas, upheld the constitutionality of the funding mechanism of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”)....more

Manatt, Phelps & Phillips, LLP

Challenging the CFPB After CFPB v. CFSA

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On May 16, 2024, the United States Supreme Court issued its long-awaited opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., holding that the CFPB’s unique funding...more

Troutman Pepper

On Heels of Supreme Court Decision, CFPB Announces Updated Compliance Dates for its 1071 Rule

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As discussed here, last week the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that...more

Troutman Pepper

The Decision Is In: The Supreme Court Upholds the CFPB’s Funding Structure

Troutman Pepper on

Last week, the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that the CFPB’s...more

Wiley Rein LLP

Supreme Court Upholds CFPB Funding Structure as Constitutional

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On May 16, 2024, the U.S. Supreme Court issued its decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd. In an opinion by Justice Thomas, the Court held, 7-2, that...more

Stinson LLP

SCOTUS Opines in Favor of CFPB on Constitutionality of Funding

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The U.S. Supreme Court ruled last week that the Consumer Financial Protection Bureau (CFPB) is constitutionally funded, ending a lengthy challenge by a payday lender to its funding structure under the U.S. Constitution's...more

Morrison & Foerster LLP

U.S. Supreme Court Holds CFPB Funding Structure Constitutional

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On May 16, 2024, the U.S. Supreme Court held in a 7-2 decision that the funding structure of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) complies with the Appropriations Clause of the United States...more

Orrick, Herrington & Sutcliffe LLP

U.S. Supreme Court rules CFPB funding structure is constitutional

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On May 16, the U.S. Supreme Court ruled 7-2 that the funding structure of the CFPB was consistent with the Constitution’s appropriations clause, reversing a decision of the U.S. Court of Appeals for the Fifth Circuit that had...more

Dorsey & Whitney LLP

The Supreme Court Update - May 16, 2024

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The Supreme Court of the United States issued three decisions today: CFPB v. Community Financial Services Association of America, Limited, No. 22-448: This case involves a constitutional challenge to the federal Consumer...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd.

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On May 16, 2024, the Supreme Court decided Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., No. 22-448. The Court held that Congress’ statutory authorization allowing the...more

Kelley Drye & Warren LLP

Supreme Court Upholds CFPB Funding Mechanism as Constitutional, Quelling Uncertainty and Reinvigorating the CFPB’s Docket

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In a long-awaited decision with profound implications for the future of the agency, the Supreme Court held 7-2 today that the Consumer Financial Protection Bureau (CFPB) is constitutionally funded. CFPB officials can breathe...more

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