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SCOTUS to hear oral arguments in CFPB funding case Oct. 3
The oral arguments for the CFSA v. CFPB Supreme Court case have been scheduled for Oct. 3. Earlier this month, NAFCU, CUNA, and the American Association of Credit Union Leagues (AACUL) filed a joint amicus brief in support of CFSA, urging the Court to uphold the U.S. Fifth Circuit Court of Appeals ruling that the CFPB’s funding structure is unconstitutional.
The lower court’s decision stated that the bureau’s funding structure violates the Constitution because it receives funding through the Federal Reserve, rather than through the Congressional appropriations process – a direct conflict to the Constitution’s checks and balances on government power. NAFCU, CUNA, and AACUL asked the Court to affirm the lower court’s decision and issue a stay to give Congress time to act and fix the funding issue. The associations also called for a rulemaking pause during the stay.
NAFCU will continue to monitor the case as the Supreme Court reconvenes during the fall session and provide updates through NAFCU Today.