As the industry continues to digest the Fifth Circuit’s opinion in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau, which held the Bureau’s funding mechanism to be unconstitutional, new litigation illustrates the challenges that the …
funding
Utah federal court rejects constitutional challenge to CFPB’s funding mechanism
By Michael Gordon on
Posted in CFPB
A Utah federal district court has rejected the attempt of The Center for Excellence in Higher Education (CEHE) to invalidate a civil investigative demand (CID) issued by the CFPB based on a challenge to the constitutionality of the CFPB’s …
Appropriations bill ending shutdown includes provision on CFPB funding requests
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
H.J. Res. 31, the appropriations bill signed into law by President Trump on February 15 that ended the partial government shutdown and provides funding for fiscal year 2019 through September 30, 2019, includes a provision dealing with CFPB funding …
Mulvaney forgoes CFPB funding
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, has sent a letter to Fed Chair Janet Yellen “to inform [her] that for the Second Quarter of Fiscal Year 2018, the Bureau is requesting $0.” (emphasis included).
Pursuant to …
Senator Perdue renews attempt to change CFPB funding
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
Republican Senator David Perdue has introduced a bill, S.1383 entitled the ‘‘Consumer Financial Protection Bureau Accountability Act of 2015,” that would make the CFPB subject to the congressional appropriations process. Currently, pursuant to Dodd-Frank, the CFPB is entitled to receive …
House passes bill to cut CFPB funding; White House threatens veto
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
Yesterday, the House of Representatives, by a vote of 235-183, passed H.R. 1195, titled the “Bureau of Consumer Financial Protection Advisory Boards Act.” As originally proposed, the bill would codify the CFPB’s existing advisory councils for community banks and …