This fall the Supreme Court will be hear a case captioned Community Financial Services of America v. Consumer Financial Protection Bureau, dealing with the constitutionality of the CFPB's funding mechanism. I'm pleased to announce that Patricia McCoy and I filed an amicus brief today in support of the CFPB. We were very capably represented by Greg Lipper of LeGrand Law.
The tl;dr version: if the 5th Circuit's opinion is upheld it will result in market chaos--all of the CFPB's existing regulations will be void, and that includes things on which market actors rely, such as TILA disclosure safe harbors and ability-to-repay rule safeharbors. Moreover, there's no way to cabin the 5th Circuit's opinion to the CFPB--if the Bureau's funding is unconstitutional, so too is that of every federal banking regulator, including the Federal Reserve Board. There's simply no credible way to do a surgical strike on the Bureau's funding without collateral damage of economic havoc.
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