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Cato Daily Podcast
Consumer Financial Protection Bureau v. Community Financial Services Association of America
Jun 19, 2024
Financial expert Jennifer Schulp and legal analyst Tommy Berry discuss the recent Supreme Court ruling on the unique funding structure of the CFPB. They explore challenges to the agency's authority, funding mechanisms governed by the Appropriations Clause, and the implications of originalism in the decision-making process. The debate around the CFPB's power dynamics with Congress and potential structural changes is also analyzed.
14:39
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Quick takeaways
- The unique funding structure of the CFPB, sourced from the Federal Reserve, with no annual congressional appropriations, was deemed constitutional by the Supreme Court.
- Calls for possible reforms to ensure balanced power dynamics between Congress, the executive branch, and the CFPB, including transitioning to a traditional agency model or adopting a multi-member commission for enhanced governance.
Deep dives
Controversial Agency Structure and Funding
The Consumer Financial Protection Bureau's (CFPB) unique structure and funding have been sources of controversy. Established in 2010 as an independent agency under Dodd-Frank, it operates autonomously, with the director not directly accountable to the president and funding sourced from the Federal Reserve, free from annual congressional appropriations. The CFPB's broad mandate covering various financial sectors, like consumer protection, lending, and insurance, has posed challenges, particularly with its extensive independence.
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