CFPB headquarters in Washington, D.C. CFPB headquarters in Washington, D.C. Source/Shutterstock

Only two credit unions were among hundreds of people and organizations that filed briefs in support of the CFPB as it defends itself in the U.S. Supreme Court against a lawsuit filed by payday lenders.

The court will be hearing arguments this fall on an appeals court ruling that would invalidate rules issued by the CFPB since its founding in 2010. The appeals court ruled that the CFPB’s funding structure was unconstitutional because its funds do not come from annual congressional appropriations, but instead from systems set up by Congress to make them independent agencies, like the Federal Reserve, FDIC and NCUA.

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Jim DuPlessis

A journalist for decades.

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