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Consumer Financial Protection Bureau v. Community Financial

Consumer Financial Protection Bureau v. Community Financial

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The Supreme Court heard oral argument in [Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America], a case that could determine the fate of the federal agency. The justices were to decide the constitutionality of the CFPB
The Supreme Court heard oral argument in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America, a case that could determine the fate of the federal agency. The justices were to decide the constitutionality of the CFPB’s funding structure. This case stemmed from the agency’s Payday Lending Rule. Two associations filed suit citing the rule as invalid because the agency’s funding violates the Appropriations Clause. The CFPB gets its money from the Federal Reserve, not Congress. The Federal Reserve receives its funding from Federal Reserve Banks. The CFPB was created in 2010 under the Dodd-Frank Act, which was in response to the 2008 financial crisis. When this case came before the U.S. Court of Appeals for the Fifth Circuit, it ruled against the CFPB. The federal government appealed to the nation’s highest court. The justices have through June 2024 to issue a ruling.