The Consumer Financial Protection Bureau (CFPB) has filed a petition for writ of certiorari asking the U.S. Supreme Court to review the decision of the Fifth Circuit Court of Appeals that ruled the CFPB’s funding structure unconstitutional and invalidated the Payday Lending Rule. The CFPB chose not to file a petition for a rehearing en banc before the Fifth Circuit.
The CFPB presents reasons as to why the Supreme Court should hear the case this term. The Fifth Circuit’s decision:
- Ruled an Act of Congress unconstitutional,
- Conflicts with the D.C. Circuit’s decision in PHH Corporation v. CFPB,
- Has vast legal and practical consequences, and
- Impends the ability of the CFPB to function risking market turmoil.
The Community Financial Services Association of America (CFSA) has 30 days to file their opposition to the certiorari petition. The CFPB noted that it filed the petition for a writ of certiorari less than one month after the Fifth Circuit’s decision and it “plans to waive the 14-day waiting period after the brief in opposition is filed.”1 It contends this will permit the Supreme Court to consider their petition at its conference on January 6th and hear the case in April 2023.
For more information on the CFPB’s petition for a writ of certiorari, please visit the links below.