FOR IMMEDIATE RELEASE

Nov. 15, 2022

CONTACT
Carter Dougherty
carter@ourfinancialsecurity.org
(202) 251-6700

Supreme Court Should Hear, and Reverse, Erroneous Decision on CFPB

It is urgent that the Supreme Court hear the Consumer Financial Protection Bureau appeal of an erroneous decision that declared the funding mechanism of this vital federal agenda unconstitutional.

Yesterday, the Solicitor General, on behalf of CFPB, petitioned the Supreme Court for writ of certiorari to review the judgment of the United States Court of Appeals for the Fifth Circuit case. That court held that CFPB’s funding mechanism, in which Congress set aside a portion of the Federal Reserve’s budget, is an unconstitutional violation of the Appropriations Clause.

“The Fifth Circuit’s ruling, which threatens other federal agencies as well, was not simply wrong on the merits,” said Elyse Hicks, consumer policy counsel at Americans for Financial Reform. “It undercuts CFPB work in enforcing existing laws and has created economic uncertainty for providers of financial services and everyday consumer. The Supreme Court should reverse this decision as soon as possible.”

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