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A U.S. appeals court ruled that the Consumer Financial Protection Bureau’s funding structure is constitutional as the Supreme Court prepares to consider the question later this year.
Latest Ruling: A three-judge panel of the U.S. Court of Appeals for the Second Circuit said it cannot find Supreme Court precedent for a Fifth Circuit ruling that the bureau’s funding through the Federal Reserve violates the U.S. Constitution’s separation of powers.
Outlook: The Supreme Court is slated to take up the CFPB’s appeal of the Fifth Circuit ruling during its next term, which starts in October. A decision is unlikely before next year.
Governance Question: The Supreme Court 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. 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.
Previous News
ICBA expressed support for legislation to support more flexible agency rules that take account of the size and compliance resources of small businesses.
ImageMar 23, 2023
ICBA continues encouraging community bankers to submit comments by next week’s deadline urging the Consumer Financial Protection Bureau to test and ultimately adopt an ICBA proposal to update mortgage disclosures.
ImageMar 23, 2023
Treasury Secretary Janet Yellen said her department is committed to ensuring the ongoing health and competitiveness of the community banking system, reflecting ICBA’s calls for policymakers to ensure deposit insurance policy does not pick winners and losers in the banking system.
ImageMar 22, 2023
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