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All Things FinReg

LATEST REGULATORY DEVELOPMENTS IMPACTING
THE FINANCIAL SERVICES INDUSTRY

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

By Allen Denson , Daniel C. Fishbein , Nicholas M. Gess , Molly Moriarty Lane , Joshua B. Moses , and Ari M. Selman
// May 20, 2024
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.
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Topics: CFPB, Consumer Financial Protection Bureau, Consumer Financial Services, Dodd-Frank Act, Enforcement, Federal Reserve, Payday Lending, Regulatory
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