The Supreme Court heard arguments on Tuesday in a case that could determine the future of the Consumer Financial Protection Bureau (CFPB). Noel Francisco, who argued on behalf of the trade associations challenging the CFPB's funding structure, faced tough questioning from the justices. If the court rules in favor of the trade associations, it could gut the agency’s funding and have a major impact on the post-financial crisis regulatory landscape. The Supreme Court is expected to issue a ruling on the case in the coming months.
Posts tagged as “the Appropriations Clause of the Constitution”
The Supreme Court has agreed to review a case that could have a major impact on the Consumer Financial Protection Bureau (CFPB). The case centers around the Appropriations Clause of the Constitution, which states that "no money shall be drawn from the Treasury, but in consequence of appropriations made by law." The CFPB was created in the wake of the 2008 financial crisis and its regulations are now at risk of being overturned by the Supreme Court. The court is expected to hear the case in the spring of 2021.