Supreme Court to Review Constitutionality of CFPB’s Funding
WASHINGTON, D.C. – The U.S. Supreme Court today decided to hear a challenge by the U.S. Consumer Financial Protection Bureau (CFPB) to a lower-court decision rendering the agency unconstitutional. Lisa Gilbert, executive vice president of Public Citizen, released following statement:
“The good news is that the Supreme Court has decided to hear the CFPB’s challenge to a lower-court decision holding everything it does unconstitutional. The bad news is that we will have to wait until next year for a decision. The Fifth Circuit’s ruling, holding the CFPB’s appropriation mechanism unconstitutional, is legally wrong and threatens significant harm to both consumers and financial institutions. We are confident that the Supreme Court will reject the ruling.”