U.S. Supreme Court upholds CFPB funding structure

The U.S. Supreme Court released its opinion in the Community Financial case and opined that the funding structure of the CFPB is constitutional. The Court’s decision, while disappointing, serves to strengthen the importance of TBA’s litigation challenging the CFPB and the Bureau’s failure to abide by the Administrative Procedure Act in promulgating the Sec. 1071 Final Rule.  

As a reminder, TBA’s Sec. 1071 suit both challenged the Final Rule both on a funding basis and on the fact that the Bureau failed to follow Congressionally mandated protocol, e.g. the Administrative Procedure Act, when it finalized its rules implementing Sec. 1071. Our underlying 1071 suit is all the more important with today’s decision out of SCOTUS.