In this article, the authors review a decision by a federal circuit court of appeals upholding the constitutionality of the funding structure for the Consumer Financial Protection Bureau.

Entities regulated by the Consumer Financial Protection Bureau (CFPB), including banks, credit unions, payday lenders, mortgage servicers, debt collectors, and other financial services providers, should take note that the U.S. Court of Appeals for the Second Circuit (Second Circuit) has ruled that the CFPB’s funding structure does not violate the Appropriations Clause of the Constitution.

Originally published in the June 2023 edition of The Banking Law Journal (Vol. 140, No. 6).