ACA International Responds to CFPB’s Petition to the U.S. Supreme Court on Constitutionality

ACA has long advocated for the bureau’s funding to be through the congressional appropriations process and calls for the CFPB to pause policymaking while the Supreme Court considers the petition.

11/15/2022 11:30 A.M.

1.5 minute read

The Consumer Financial Protection Bureau has filed a petition for the U.S. Supreme Court to review a 5th Circuit Court of Appeals’ decision declaring the bureau’s funding structure unconstitutional.

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

“Funding through the congressional appropriations process for the CFPB will bring value to regulated entities and consumers in terms of greater transparency and following the existing rules to get better outcomes for the American public by involving all relevant parties in decision-making,” said ACA CEO Scott Purcell. “The congressional appropriations process was contemplated to create a strong balance of all stakeholders and, being that it’s a matter of constitutional law that is being decided, we respect the process that is about to unfold.”

In designing the CFPB, Congress debated various structures and ultimately, in a partisan manner, opted for as little accountability as possible, which has been problematic ever since, said Leah Dempsey, ACA’s lobbyist and shareholder at Brownstein Hyatt Farber Schreck.

“The uncertainty created by the CFPB’s wide swings in priorities, and its lack of accountability over the past several years, have prompted the need for judicial scrutiny of the agency,” Dempsey said. “As the Supreme Court considers key questions about the bureau’s structure and accountability, it would be appropriate for the CFPB to pause all policymaking, which would further complicate the outstanding questions created by the 5th Circuit Court of Appeals’ ruling.”

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.

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