In CFPB v. CFSA, the Supreme Court held that the Bureau’s funding mechanism did not violate the Appropriations Clause of the Constitution. Specifically, the Appropriations Clause only requires Congress to identify a source of public funds and authorize the expenditure of those funds for designated purposes, which the Bureau’s funding statute satisfied. Now that the CFPB has survived its second existential challenge at the Supreme Court, what is next for the Bureau, financial services companies, and consumers? This panel will discuss the Supreme Court’s decision and its implications, including regarding the Payday Lending Rule, the Bureau’s rulemaking and enforcement priorities, and practical considerations for regulated entities and fintechs.
