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The Supreme Court Grants Petition to Decide Constitutionality of CFPB Funding
March 3, 2023On February 27, 2023, the U.S. Supreme Court granted the Consumer Financial Protection Bureau’s Petition for a Writ of Certiorari in the closely watched case of CFPB v. Community Financial Services Association of America, and denied the cross-petition filed by Community Financial Services Association of America (“CFSAA”). The CFPB’s petition asked the Court to overturn the October 19, 2022 ruling by the United States Court of Appeals for the Fifth Circuit that the CFPB’s funding structure is unconstitutional and, therefore, that the CFPB’s Payday Lending Rule is invalid. CFSAA’s cross-petition asked the Court to consider two alternative grounds for invalidating the Payday Lending Rule. This case marks the second time in three years that the Supreme Court will consider the constitutionality of structural features of the CFPB.
