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SUPREME COURT TO HEAR WHETHER CFPB’S FUNDING IS CONSITUTIONAL

On February 27, 2023, the Supreme Court granted certiorari in Consumer Financial Protection Bureau v. Community Financial Services Association of America to determine the constitutionality of the CFPB’s funding structure. The question before the Supreme Court has two parts; whether the court of appeals erred (i) in holding that the statute providing funding to the CFPB, 12 U.S.C. 5497, violates the Appropriations Clause, U.S. Const. Art. I, § 9, Cl. 7, and (ii) in vacating a regulation promulgated at a time when the CFPB was receiving such funding. Read More