The Supreme Court will hear arguments Tuesday in a case involving the CFPB and how it is funded.
The Consumer Financial Protection Bureau is poised to face the most significant test of its 13-year existence Tuesday when the Supreme Court considers the constitutionality of the mechanism through which the agency is funded.
The appeals court found that Congress abdicated"its appropriations power under the Constitution" and ceded its"power of the purse to the bureau." The three-judge panel concluded that the CFPB's funding structure to be a violation of the Appropriations Clause, which states that"no money shall be drawn from the Treasury, but in consequence of appropriations made by law.
But the trade associations have argued that Congress in 2010"crafted the CFPB to operate free of any political accountability, including fiscal oversight," and criticized the agency's funding stream as"perpetual." The case has attracted input from red states and blue states, as well as Republican and Democratic members of Congress., more than 140 current and former lawmakers, including Warren, argued that by appropriating funds on a standing basis, instead of annually, Congress used a funding structure for the CFPB that it had already found effective for other financial regulators, but with more constraints on the bureau.
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