Due to a Fifth Circuit decision striking down the Consumer Financial Protection Bureau’s (CFPB) Payday Lending Rule promulgated in 2017 — in a case known as Community Financial Services Association of America, Limited v. CFPB — the Bureau’s very existence is in peril.

Some of the key takeaways from this decision are:

• CFPB’s funding structure violates the Constitution’s Appropriations Clause.
• There was a “linear nexus” between the unconstitutional funding mechanism and the challenged CFPB action — in this case, a

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Continue Reading CFPB is in Existential Crisis — and Covered Parties Have a Unique Opportunity