| Supreme
Court Upholds CFPB Structure 7-2 Amid
Industry Attacks and Merger Proposals
By Matthew
Russell Lee, Patreon Maxwell
Book
SOUTH BRONX, May
16 – The Texas Bankers
Association and ABA managed to
finagle a Federal court ruling
allowing its and the ABA's
members' non-compliance with
the Consumer Financial
Protection Bureau's small
business data collection
rules, pending Supreme Court
decision on CFPB's structure
and funding. Order here.
Now on May 16,
2024, the Supreme Court has
found the CFPB's structure to
be Constitutional, by a 7-2
vote. "Congress shielded the
Bureau from the influence of
the political branches,”
Justice Clarence Thomas wrote
in the majority opinion for
the court. “Under
the Appropriations Clause, an
appropriation is simply a law
that authorizes expenditures
from a specified source of
public money for designated
purposes. The statute that
provides the Bureau’s funding
meets these requirements.”
Back on August 11
the two credit union
associations wrote it to get a
stay - while they themselves
try to merge - as Capital One
and Discover are now. That
should be denied. Watch this
site.
***
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