The Supreme Court will review the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) funding mechanism.
Lower courts have split on the issue of whether the CFPB’s funding through annual transfers by the Federal Reserve violates the Constitution’s Appropriations Clause, which establishes Congress’s power of the purse.
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“The Supreme Court’s actions today support what the industry has been saying for months, that there is confusion in the marketplace that must be addressed,” Leah Dempsey ... said in a statement.
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