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.

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