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CFPB Asks Supreme Court to Weigh Fifth Circuit Funding Ruling

Nov. 15, 2022, 9:53 PM

The Consumer Financial Protection Bureau asked the US Supreme Court to review the Fifth Circuit’s decision rendering the financial regulator’s independent funding unconstitutional.

The CFPB’s Monday petition seeks immediate Supreme Court review, hoping to bypass an en banc review of an October ruling from a U.S. Court of Appeals for the Fifth Circuit panel.

The CFPB derives its funding through the Federal Reserve rather than the congressional appropriations. That funding process violates the US Constitution, a three-judge panel of the Fifth Circuit ruled Oct. 19 in Community Financial Services Association of America v. CFPB.

All of the CFPB actions ...