Judges make clear that any decision regarding CFPB has no implications for mandatory spending programs.
I received an email recently regarding a 2022 decision by a three-judge panel for the Fifth Circuit Court of Appeals. The decision found the funding of the Consumer Financial Protection Bureau unconstitutional because the agency gets its money outside of the annual appropriations process. The Supreme Court has now agreed to hear the case.
The District Court rejected all four arguments and upheld the Bureau’s Payday Lending Rule. The Fifth Circuit agreed with the lower Court on the first three, but, with regard to the fourth issue, concluded that Congress’s decision to abdicate its appropriations power violates the Constitution’s structural separation of powers.
This “double-insulated funding mechanism” was too much for the three-judge panel of the Fifth Circuit. It reversed the judgment of the District Court and held that the Payday Lending Rule violated the Appropriations Clause.
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