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Constitutional Challenges Consumer Financial Protection Bureau (CFPB) Funding

Goodwin

Supreme Court Upholds CFPB’s Funding Structure

Goodwin on

On May 16, 2024, the U.S. Supreme Court issued a significant opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., upholding the funding structure of the Consumer...more

Venable LLP

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

Venable LLP on

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

Katten Muchin Rosenman LLP

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

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

Morrison & Foerster LLP

U.S. Supreme Court Holds CFPB Funding Structure Constitutional

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

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

Faegre Drinker Biddle & Reath LLP

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

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

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

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Hears Challenge to Agency Tasked With Helping Students Make Informed Decisions About Paying for College

The Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector, is potentially at risk following oral argument on October 3, 2023, before the Supreme Court of the United...more

Goodwin

Supreme Court Hears Oral Argument on the Constitutionality of the Funding of the CFPB

Goodwin on

The Supreme Court heard oral arguments on October 3, 2023 in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd. The issue before  the Court is whether the CFPB’s funding...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Rejects Challenge to OPT Program for Foreign Students

The Supreme Court of the United States has declined to hear a challenge to a visa program that allows foreign students who graduate from U.S. colleges and universities to work in the United States for up to three years. The...more

Orrick, Herrington & Sutcliffe LLP

Senator Warren delivers remarks in support of the CFPB

On September 28, Senator Elizabeth Warren delivered a keynote speech at the Center for American Progress, in which she chronicled the history of the CFPB and defended the agency against political attacks. Further, ahead of...more

Venable LLP

C[FPB] You Later? Agency’s Future Hangs in the Balance After Oral Argument

Venable LLP on

On October 3, the Supreme Court heard oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited, where the Court is reviewing the Fifth Circuit’s opinion that struck...more

Hudson Cook, LLP

U.S. Supreme Court Hears Oral Argument on Whether CFPB's Funding Mechanism Is Constitutional

Hudson Cook, LLP on

On October 3, 2023, the U.S. Supreme Court heard oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America. At issue is the constitutionality of the CFPB's funding structure,...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2023

A federal court has issued an order granting an injunction that delays the compliance dates for the CFPB’s final rule governing the collection of small business lending data required by Section 1071 of the Dodd-Frank Wall...more

Orrick, Herrington & Sutcliffe LLP

CFPB files reply brief supporting its constitutional structure

On August 3, the CFPB filed a Reply Brief in support of its request to overturn the Fifth Circuit’s decision in Community Financial Services Association of America v. Consumer Financial Protection Bureau, in which the 5th...more

Orrick, Herrington & Sutcliffe LLP

States urge Supreme Court to find CFPB funding unconstitutional

On July 10, the West Virginia attorney general, along with 26 other states, filed an amicus brief in support of respondents in Consumer Financial Protection Bureau v. Community Financial Services Association of America,...more

Orrick, Herrington & Sutcliffe LLP

CFSA says CFPB funding violates Constitution

On July 3, the Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas filed their brief with the U.S. Supreme Court, urging the high court that the CFPB’s independent funding...more

Ballard Spahr LLP

CFSA files brief urging SCOTUS to affirm Fifth Circuit ruling that CFPB’s funding is unconstitutional

Ballard Spahr LLP on

Community Financial Services Association of America (CFSA) has filed its brief with the U.S. Supreme Court in which it asks the Court to affirm the Fifth Circuit panel decision in CFSA v. CFPB. In that decision, the panel...more

Blank Rome LLP

U.S. Court of Appeals for the Second Circuit Rules That the Funding Structure for the Consumer Financial Protection Bureau Is...

Blank Rome LLP on

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...more

Ballard Spahr LLP

CFPB defends constitutionality of its funding in SCOTUS brief

Ballard Spahr LLP on

The CFPB has filed its brief with the U.S. Supreme Court seeking reversal of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB. In that decision, the panel held the CFPB’s...more

Ballard Spahr LLP

Certiorari Petition To Be Filed In Second Circuit Case Rejecting Constitutional Challenge To CFPB’s Funding

Ballard Spahr LLP on

In CFPB v. Law Offices of Crystal Moroney, a three-judge panel of the U.S. Court of Appeals for the Second Circuit unanimously ruled in March 2023 that the CFPB’s funding structure does not violate the Appropriations Clause...more

Goodwin

House Financial Committee Introduces CFPB Reform Bill In Response To Recent Court Decisions

Goodwin on

Last fall, the United States Court of Appeals for the Fifth Circuit found that the CFPB’s independent funding through the Federal Reserve was in violation of the Appropriations Clause and the underlying separation of powers...more

Locke Lord LLP

Second Circuit Decides CFPB Funding ‎Structure Is Constitutional, Setting up Circuit Split for ‎Supreme ‎Court

Locke Lord LLP on

On March 23, 2023 a three-judge panel of the U.S. Court of Appeals for the Second Circuit unanimously ruled in Consumer Financial Protection Bureau v. Law Offices of Crystal Moroney, P.C. (“Moroney”) that the CFPB’s funding...more

Ballard Spahr LLP

Second Circuit Rules CFPB’s Funding Does Not Violate Appropriations Clause

Ballard Spahr LLP on

A three-judge panel of the U.S. Court of Appeals for the Second Circuit has unanimously ruled that the CFPB’s funding structure does not violate the Appropriations Clause of the U.S. Constitution. In its decision, the panel...more

Troutman Pepper

Second Circuit Upholds CFPB’s Funding Structure

Troutman Pepper on

Yesterday, a three-judge panel of the Second Circuit Court of Appeals issued a unanimous opinion declining to follow the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. v. Consumer...more

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