Consumer Financial Protection Bureau's funding is unconstitutional: Fifth Circuit

[summer_in_TX]

Reuters (via Raw Story)
October 19, 2022

A federal appeals court ruled on Wednesday that the U.S. Consumer Financial Protection Bureau's funding apparatus is unconstitutional, faulting a system Democrats designed to insulate the agency from requiring congressional appropriations.

The New Orleans-based 5th U.S. Circuit Court of Appeals ruled that the CFPB's independent funding through the Federal Reserve rather than budgets passed by Congress violated the separation of powers principles in the U.S. Constitution.

That ruling, by a panel of three judges appointed by former Republican President Donald Trump, in the process vacated a 2017 regulation the agency adopted aimed at combating "unfair and abusive" practices in the payday lending industry.

The Community Financial Services Association of America sued in 2018 to challenge the rule, which barred lenders from making a new attempt to withdraw funds from an account where two consecutive attempts had failed unless consumers consented.

More at the link: https://www.rawstory.com/u-s-consumer-protection-watchdog-s-funding-unconstitutional-court-rules/

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"…a panel of three judges appointed by former Republican President Donald Trump" – of course it was.

[CaliforniaPeggy]

1. OH, FFS!

I hope this will be appealed.

[Duppers]

6. What Peggy said ⬆️

[PSPS]

2. The corrupted 5th Circuit Court of Appeals is the go-to for The MAGA

[Deminpenn]

5. Been that way since before Trump

nt

[notinkansas]

3. So next stop would be the supreme court.

What could go wrong?

[Sky Jewels]

4. Fucking fascists

I won’t type what I wish would happen to these mfers.