Decision is in opposition to previous rulings made by other courts.
The Consumer Financial Protection Bureau (CFPB) is an independent federal agency that supervises banks and addresses complaints made by bank users. Created by President Obama’s administration in 2010 as a response to the 2008 market crash, it has had detractors since its inception.
Unlike other agencies, the CFPB budget is independently funded through the Federal Reserve rather than going through congressional debate and approval. On Wednesday, the Fifth Circuit Court of Appeals ruled this method of funding illegal and unconstitutional.
“Even among self-funded agencies, the Bureau is unique,” Judge Cory Wilson wrote. “The Bureau’s perpetual self-directed, double-insulated funding structure goes a significant step further than that enjoyed by the other agencies on offer.”
As the Lord Leads, Pray with Us…
- For federal district court judges as they hear and rule on cases.
- For judges on the federal appellate courts as they determine which appeals to hear.
- For justices of the Supreme Court as they consider appeals and emergency stay requests.
Sources: Politico, Reuters
