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What if the CFPB Really Is Unconstitutional?

This legal can of worms raises a lot of questions with few clear answers for credit unions.

By Henry C. Meier, Esq. | March 07, 2023 at 12:00 PM
CFPB headquarters in Washington, D.C. CFPB headquarters in Washington, D.C. (Source: Shutterstock)

I have shocking news for you: The country is bitterly divided and, unfortunately, the divide is encroaching into the Judiciary.

The latest and best example of this trend is the reaction to the Fifth Circuit’s decision in Cmty. Fin. Servs. Ass’n of Am. v. Consumer Fin. Prot. Bureau, 51 F.4th 616, 643 (5th Cir. 2022), which the Supreme Court decided to review last week. To critics of the decision, it’s an example of originalism run amok. To supporters of the decision, it’s an example of a welcome return to the plain text of the Constitution. No matter which side you’re on, however, it’s important to understand just how consequential it may be. After all, the credit union industry is the most heavily regulated financial services industry in the country, and at its core, this debate is about how much power should be given to agencies and how much direction they must be given by Congress.

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