Fifth Circuit Panel Rules CFPB Funding Mechanism Is Unconstitutional

October 21, 2022

Ballard Spahr--Alan S. Kaplinsky, Michael Gordon & John L. Culhane, Jr.

In a unanimous decision, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled that the funding mechanism for the CFPB violates the U.S. Constitution’s Appropriations Clause and the separation of powers principles on which it is based that will have a huge impact on CFPB issued rules, guidance, and existing enforcement orders.

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