The Supreme Court announced that it will review the Fifth Circuit court’s decision in Community Financial Services Association of America v. Consumer Financial Protection Bureau next term. Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, released a statement praising the decision and urging the Supreme Court to uphold the CFPB’s constitutionality.
“Congress created the CFPB so that consumers could have an agency dedicated to one thing: fighting for their interests, not Wall Street’s. The CFPB’s funding structure is constitutional and the CFPB should be allowed to continue its crucial work. A delay in hearing this case only hurts consumers, as this is an urgent issue that has horrifying implications for consumers and our entire financial system,” said Brown. “I will always fight for the CFPB so that it can continue its important work helping create an economy centered around working families.”
The pending case of Consumer Financial Protection Bureau v. Community Financial Services Association of America (Docket 22–448) is currently before the United States Supreme Court and has garnered significant attention from the Biden administration. This case concerns the CFPB’s funding mechanism, which was decided by the Fifth Circuit. In recognition of the significance of this issue, the Biden administration requested that the Supreme Court hear it during its 2022 term through an expedited petition for writ of certiorari. On February 27, 2023, this petition was granted and now attention turns to how the court will rule on this important financial mechanism.
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