Supreme Court Will Hear Challenge to CFPB's Constitutionality Posted by AVCU on 1:24 PM

The U.S. Supreme Court has scheduled to hold oral arguments March 3, 2020 in the lawsuit filed by Seila Law in Orange, CA challenging the Consumer Financial Protection Bureau's (CFPB) single-director structure.

The CFPB had previously announced it would no longer defend its director structure, following years of lawsuits and calls from various stakeholders to reform its structure.

Following the Supreme Court's decision to take up the case, NAFCU President and CEO Dan Berger reiterated the association's stance "that a commission structure at the CFPB is absolutely essential to ensuring greater transparency and accountability."

CFPB Director Kathy Kraninger notified congressional leaders of the Bureau's intent to no longer defend its structure and also reinforced that position during a House Financial Services Committee hearing. The Bureau also notified the Supreme Court of its intent in a court filing.