All Things FinReg

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.

The latest nail in the coffin for Operation Choke Point was added on May 22 by the Federal Deposit Insurance Corporation (FDIC) when it issued a press release announcing its resolution of a lawsuit against it by several payday lenders.