NEW ORLEANS—In a case in which credit unions have weighed in, oral arguments in the Supreme Court case CFSA v. CFPB have been scheduled for Oct. 3.
As CUToday.info reported, earlier this month, NAFCU, CUNA, and the American Association of Credit Union Leagues (AACUL) filed a joint amicus brief in support of CFSA, urging the Court to uphold the U.S. Fifth Circuit Court of Appeals ruling that the CFPB’s funding structure is unconstitutional.
The lower court’s decision stated that the Bureau’s funding structure violates the Constitution because it receives funding through the Federal Reserve, rather than through the Congressional appropriations process – a direct conflict to the Constitution’s checks and balances on government power, NAFCU noted.
NAFCU, CUNA, and AACUL asked the Court to affirm the lower court’s decision and issue a stay to give Congress time to act and fix the funding issue. The associations also called for a rulemaking pause during the stay.