Takeaways from Supreme Court’s Recent CFPB Funding Decision

Litigation attorneys Brian Goodrich and Ceijenia Cornelius co-authored a BankBeat article discussing the U.S. Supreme Court's recent decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, which upheld the constitutionality of the Consumer Financial Protection Bureau's (CFPB) funding mechanism. The authors highlight that the Supreme Court's ruling not only shuts down the latest challenge to the bureau's constitutionality but also could put a stop to future challenges altogether. As a result, the CFPB is likely to resume enforcement and rulemaking activity with renewed vigor. They also emphasize the importance for banks to stay up to date with the latest CFPB developments, as the bureau is "firing on all cylinders" to hire and train new enforcement staff.

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