ACA International Responds to Court Decision on CFPB Funding Structure

ACA International logoACA has long advocated for the bureau’s funding to be through the congressional appropriations process.

10/20/2022 2:45 P.M.

1.5 minute read

The Consumer Financial Protection Bureau’s funding structure through the Federal Reserve was found unconstitutional Wednesday by the U.S. Court of Appeals for the 5th Circuit.

ACA International has long advocated for the bureau’s funding to be through the congressional appropriations process.

“Congress’s ability to have control over the purse strings of a federal agency is an essential feature of our constitutional structure that ensures democratic oversight of otherwise unaccountable agencies,” said Leah Dempsey, shareholder at Brownstein Hyatt Farber Schreck and ACA’s lobbyist. “The CFPB, particularly in recent months when it has refused to engage in transparent policymaking that takes into account any views other than a handful of people in Washington, D.C., has been a case study demonstrating why the lack of accountability surrounding this agency does not work, and was not contemplated in the constitution.”

In designing the CFPB, Congress took unprecedented steps to insulate the bureau against control by the elected branches, Dempsey said.

“The congressional appropriations process was contemplated to create a strong balance of all stakeholders,” said ACA CEO Scott Purcell. “Our advocacy focuses on having a seat at the table, and the CFPB of late has not involved all relevant parties in its decision making nor relied on accurate, current data to support its consumer protection initiatives and regulations. As a result, these initiatives can harm the consumers the bureau was founded to protect. If the congressional appropriations process is required for bureau funding, it will be one step to mitigate the bureau’s actions that appear to be outside the scope of its mission.”

ACA International (ACA), the association of credit and collection professionals, is the largest membership organization in the credit and collection industry. Founded in 1939, ACA brings together third-party collection agencies, law firms, asset buying companies, creditors and vendor affiliates, representing tens of thousands of industry professionals. ACA produces a wide variety of products, services and publications, including educational and compliance-related information; and articulates the value of the credit and collection industry to businesses, policymakers and consumers.

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.


Collector Magazine


One moment please...

Share Profile

This site uses cookies. By continuing to use our site, you are agreeing to our use of cookies. Review our Privacy Policy for more information. You may change your preferences on how cookies are stored by reviewing the settings on your browser.

The content on this site is presented for educational, general reference, and informational purposes only; is not intended to serve as legal or other advice; is not intended to be a full and exhaustive explanation of the law in any area; and should not replace the advice of your own legal counsel. By continuing to use our site, you are agreeing to the legal disclaimers in our Terms of Use. Review our Terms of Use for more information.

Friendly Reminder

Get continued access to ACA International’s wide array of resources, which can help you become more profitable, compliant and successful.

Renew your membership today to take advantage of tools you won’t find anywhere else:

  • Discounts on seminars, products, services and events
  • Resources to strengthen your compliance department
  • Industry-specific risk management products and services
  • Participation in ACA’s online community, The Hub
    Members-only website content
  • Professional development and training opportunities, and so much more!

If you have completed your renewal, please disregard this reminder.