By Matthew Russell Lee, Patreon Maxwell Book
SOUTH BRONX, May 16 – The Texas Bankers Association and ABA managed to finagle a Federal court ruling allowing its and the ABA's members' non-compliance with the Consumer Financial Protection Bureau's small business data collection rules, pending Supreme Court decision on CFPB's structure and funding. Order here.
Now on May 16, 2024, the Supreme Court has found the CFPB's structure to be Constitutional, by a 7-2 vote. "Congress shielded the Bureau from the influence of the political branches,” Justice Clarence Thomas wrote in the majority opinion for the court. “Under the Appropriations Clause, an appropriation is simply a law that authorizes expenditures from a specified source of public money for designated purposes. The statute that provides the Bureau’s funding meets these requirements.”
Back on August 11 the two credit union associations wrote it to get a stay - while they themselves try to merge - as Capital One and Discover are now. That should be denied. Watch this site.
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