U.S. Supreme Court building. U.S. Supreme Court building. (Source: Shutterstock)

The Supreme Court has announced it will listen to arguments later this year concerning a lawsuit challenging the funding of the CFPB. Last October, the 5th U.S. Circuit Court of Appeals ruled the CFPB’s funding mechanism was unconstitutional – a ruling praised by credit union trade organizations.

The ruling was considered a victory for lenders and many financial institutions that have been against the CFPB’s regulatory authority since its inception in 2010, believing that the structure was unconstitutional.

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Michael Ogden

Editor-in-Chief for CU Times.

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