SCOTUS Will Hear Challenge to CFPB Funding Mechanism
FOR IMMEDIATE RELEASE
February 27, 2023
The Supreme Court announced Monday it will hear a lawsuit challenging the funding mechanism of the Consumer Financial Protection Bureau (CFPB). The 5th U.S. Circuit Court of Appeals found the CFPB’s funding mechanism unconstitutional in an October decision.
CUNA has long supported placing the CFPB under the traditional appropriations process.
“It's been clear for some time that there are serious flaws with the CFPB's current structure and we have long supported Congressional action to restore accountability and oversight,” said CUNA President/CEO Jim Nussle. “The Supreme Court agreeing to hear the case on constitutionality highlights the urgency of this issue.”
The three-judge panel found in October that placing CFPB funding outside of the process violates the U.S. Constitution’s structural separation of powers.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.