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Consumer Financial Protection Bureau (CFPB) › Rulemaking Process › Federal Funding

Orrick, Herrington & Sutcliffe LLP

Senate Parliamentarian rejects Senate’s 0 percent proposal on CFPB funding, will review new 6.5 percent plan

Orrick, Herrington & Sutcliffe LLP on

On June 19, the U.S. Senate Committee on the Budget issued an update on the Senate Parliamentarian’s ruling that the provision in HR 1, the “One Big Beautiful Bill Act,” to eliminate all funding the CFPB may request would...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes to eliminate ability to allocate civil money penalties to fund financial literacy programs

Orrick, Herrington & Sutcliffe LLP on

On June 18, the CFPB published a proposed rule in the Federal Register amending its 2013 rule implementing the CFPA provision establishing the Consumer Financial Civil Penalty Fund. The proposed rule rescinds aspects of the...more

Bradley Arant Boult Cummings LLP

Supreme Court Upholds Constitutionality of CFPB’s Funding Mechanism

Bradley Arant Boult Cummings LLP on

“Although there may be other constitutional checks on Congress’ authority to create and fund an administrative agency, specifying the source and purpose is all the control the Appropriations Clause requires.” With these...more

Foley & Lardner LLP

Supreme Court Rules That the CFPB Is Constitutionally Funded

Foley & Lardner LLP on

On May 16, 2024, the Supreme Court reversed a Fifth Circuit decision which held that the funding for the Consumer Financial Protection Bureau (CFPB) violated the Appropriations Clause. This case was viewed as pivotal to the...more

Shipkevich PLLC

Fifth Circuit Court of Appeals Finds CFPB Funding Mechanism Unconstitutional Violation of Appropriations Clause

Shipkevich PLLC on

On October 19, 2022, three judges in the Fifth Circuit Court of Appeals ruled that the funding mechanism of the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, the court found CFPB’s receiving...more

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