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

Just like the NFL likes to kick off its season with its most dramatic rivalries, the Supreme Court likes to start terms with some of its most dramatic cases. So it is not surprising that Cmty. Fin. Servs. Ass’n of Am. v. Consumer Fin. Prot. Bureau was argued on the first Tuesday in October. It’s a real doozy.

In case you have been out of the country and cut off from the internet for the last year, this is the case in which the Court of Appeals for the Fifth Circuit ruled that the CFPB acted consistent with its Unfair and Deceptive Acts and Practices (UDAAP) powers when it promulgated regulations curtailing payday loans but then ruled that the mechanism devised by Congress to fund the bureau was unconstitutional, implicitly finding that all the actions ever taken by the CFPB were therefore invalid.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.