CFPB, Federal Agencies, State Agencies, and Attorneys General
The Fifth Circuit Court of Appeals has denied a request by the Community Financial Services Association of America (CFSA) to hold a rehearing en banc on the group’s challenge of the CFPB’s payday loan rule.
The court simply said that no member of the panel had requested that the appeals court be polled, so the petition was denied.… Continue Reading
On May 16, Justice Thomas issued the majority opinion in which the Supreme Court held, by a 7-2 vote, that the CFPB’s funding mechanism comported with the Appropriations Clause of the Constitution which states, in relevant part, in Article I, Section 9, Clause 7:
“No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law…”
Specifically, Justice Thomas held:
“Under the Appropriations Clause, an appropriation is simply a law that authorizes expenditures from a specified source of public money for designated purposes.… Continue Reading
On May 16, 2024, the U.S. Supreme Court ruled in Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution. The Supreme Court’s decision has far-ranging implications, most immediately for cases involving challenges to CFPB regulations or other CFPB actions. … Continue Reading
Yesterday morning, the U.S. Supreme Court held oral argument in Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau, a case we have been following closely on Consumer Finance Monitor because of its profound potential implications for the future of the CFPB. In the case, the Court will rule on whether the CFPB’s funding mechanism violates the U.S.… Continue Reading
The U.S. Supreme Court has denied the motion filed by the 27 Republican State Attorney Generals who filed an amicus brief in support of Community Financial Services Association in CFSA v. CFPB asking for leave to participate in oral argument. No explanation for the denial was given by the Court. While the Supreme Court almost routinely grants requests by the Solicitor General to participate in oral argument as amicus, it grants requests from State Attorneys General to argue as amici with much less frequency.… Continue Reading
The CFPB has filed its reply brief with the U.S. Supreme Court in Community Financial Services Association of America Ltd. v. CFPB. In the case, CFSA has asked the Supreme Court to affirm the Fifth Circuit panel’s decision which held that the CFPB’s funding mechanism violates the Appropriations Clause of the U.S.… Continue Reading
The U.S. Supreme Court has scheduled oral argument on October 3, 2023 in Community Financial Services Association of America Ltd. v. CFPB. In the case, CFSA has asked the Supreme Court to affirm the Fifth Circuit panel’s decision which held that the CFPB’s funding mechanism violates the Appropriations Clause of the U.S.… Continue Reading
Seventeen amicus briefs have been filed with the U.S. Supreme Court in support of the position of the Community Financial Services Association of America (CFSA) that the Court should affirm the Fifth Circuit panel decision in CFSA v. CFPB which held the CFPB’s funding mechanism violates the Appropriations Clause of the U.S.… Continue Reading
Community Financial Services Association of America (CFSA) has filed its brief with the U.S. Supreme Court in which it asks the Court to affirm the Fifth Circuit panel decision in CFSA v. CFPB. In that decision, the panel held the CFPB’s funding mechanism violates the Appropriations Clause of the U.S.… Continue Reading
The CFPB has filed its brief with the U.S. Supreme Court seeking reversal of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB. In that decision, the panel held the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution and, as a remedy for the constitutional violation, vacated the CFPB’s payday lending rule (Payday Rule).… Continue Reading
