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This is contrary to the conclusion reached by the Fifth Circuit Court of Appeals on Oct. 19, 2022, in the case of Community Financial Services Association of America, Limited v. the CFPB. The Fifth Circuit held “Congress’s decision to abdicate its appropriations power under the Constitution, i.e., to cede its power of the purse to the Bureau, violates the Constitution’s structural separation of powers.” While the Second Circuit determined “…the CFPB Director was validly appointed, that the CFPB’s funding structure is not constitutionally infirm under either the Appropriations Clause or the nondelegation doctrine…”
The Supreme Court has already agreed to review the Fifth Circuit’s decision, and now stands to reason they will also rule on the Second Circuit’s decision. It appears the Supreme Court will hear the case in 2024.
Learn more about what this means for your financial institution by contacting Doeren Mayhew’s Financial Institutions Group today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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