The Supreme Court on Monday agreed to take up a case taking aim at the Consumer Financial Protection Bureau, putting the agency in the crosshairs of the conservative court once again.
, putting the agency in the crosshairs of the conservative court once again.
The latest dispute to be heard by the court, likely in its next term beginning in October, involves the mechanism passed by Congress for funding the CFPB. Under Dodd-Frank, passed in the wake of the financial crisis, Congress specified that the agency would receive up to a capped amount of funding each year — 12% of the Federal Reserve's operating expenses — from the earnings of the Federal Reserve System.
A federal district court sided with the CFPB, but a three-judge panel on U.S. Court of Appeals for the 5th Circuit found the bureau's funding structure unconstitutional. All three of the judges, Don Willett, Kurt Engelhardt and Cory Wilson, were appointed by former President Donald Trump. But the two associations urged the Supreme Court to leave the lower court's decision in place, arguing inthat Congress in 2010"deliberately circumvented" the Appropriations Clause by"vesting the CFPB with discretionary authority to fund its operations by taking as much as hundreds of millions of dollars directly from the Federal Reserve each year forever."
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