ACA International Responds to Supreme Court Plans on CFPB Funding Structure Appeal

ACA InternationalThe court’s decision advances an ongoing debate over the bureau’s structure.

02/27/2023 8:30 A.M.

1 minute read

The U.S. Supreme Court will review a 5th Circuit Court of Appeals’ decision declaring the Consumer Financial Protection Bureau’s funding structure is unconstitutional in Community Financial Services Association of America Ltd. v. CFPB.

“The Supreme Court’s action today supports what the industry has been saying for months, that there is confusion in the marketplace that must be addressed,” said Leah Dempsey, shareholder at Brownstein Hyatt Farber Schreck and ACA International’s lobbyist. “Recent CFPB actions ignoring statutory constraints on its activity highlights the merit of concerns raised by the 5th Circuit—that an agency with an unconstitutional funding structure does not have the proper checks and balances in place to ensure its actions align with good policy for consumers and financial services providers throughout the country.”

ACA International has long advocated for the bureau’s funding to be through the congressional appropriations process and respects the process that is about to unfold before the Supreme Court.

“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 as a result of this case, it will be one step to mitigate the bureau’s actions that appear to be outside the scope of its mission.”


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