The U.S. Supreme Court will consider whether the Consumer Financial Protection Bureau’s funding system is constitutional, taking up a case President Joe Biden’s administration says is casting doubt on every action taken by the agency over 12 years. The showdown centers on a never-enforced payday-lending rule that the U.S. Court of Appeals for the 5th Circuit threw out in the face of an industry challenge. The 5th Circuit said the CFPB, which gets funding through the Federal Reserve, was set up in violation of the constitutional provision that requires a congressional appropriation for government spending. The Supreme Court indicated Monday it will consider the case in the nine-month term that starts in October, declining the administration’s request to put the case on an expedited schedule. In urging high court review, the Biden administration said the 5th Circuit’s Oct. 19 ruling has already had “immense legal and practical significance.” U.S. solicitor general Elizabeth Prelogar said the ruling has affected more than half the bureau’s 22 enforcement cases, giving defendants an argument for dismissal. Prelogar, the administration’s top Supreme Court lawyer, also said the decision cast doubt on the CFPB’s mortgage-disclosure regulations. The ruling “threatens the validity of virtually all past CFPB… Read full this story
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