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The U.S. Supreme Court said it will take up a case challenging the Consumer Financial Protection Bureau's funding method after a federal appeals court ruled last fall that it is unconstitutional.
Details: The 5th U.S. Circuit Court of Appeals ruled in October that the CFPB’s funding structure—in which the agency receives funds through the Federal Reserve, rather than congressional appropriations—violates the U.S. Constitution’s separation of powers.
Timeline: The Supreme Court said it will take up the case during its next term, which starts in October, after denying a government petition to expedite the case. A decision is unlikely before next year.
Governance Question: The case could also renew the debate over whether the CFPB’s single-director governance should be replaced with commission-based leadership, as ICBA has long advocated to limit political interference and promote balanced supervision. The high court previously ruled that the CFPB's governance structure is unconstitutional and that the president must have the authority to remove the bureau head.
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During America Saves Week, the Independent Community Bankers of America (ICBA) and the nation’s community banks are reminding consumers of simple steps to help create a nest egg as they work towards building a secure financial future.
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Feb 23, 2023
Custodia Bank is reportedly continuing its effort to procure a master account with the Federal Reserve after the special-purpose depository institution was denied last month.
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The Bank for International Settlements issued a report to help central banks extend operating hours for real-time gross settlement systems to reduce delays in cross-border payments settlement.
ImageFeb 21, 2023
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