Go to Article
Excerpt from www.morganlewis.com
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 the Appropriations Clause of the US Constitution. The Court’s decision reversed the Fifth Circuit’s ruling that the CFPB’s funding structure was unconstitutional and put a definitive end to the last pending wholesale challenge to the CFPB’s constitutionality.
In the few days since the decision, the ruling has already emboldened the agency to move forward even more aggressively with its regulatory, enforcement, and supervision agenda.
About The Author
