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Complete Story
05/16/2024
Supreme Court Ruling on CFPB’s Fate May Rewrite the Rules of Banking and Credit
PYMNTS
For the Consumer Financial Protection Bureau (CFPB), the courts have been a hotbed of action, lawsuits, appeals and back-and-forth between lawyers.
Almost everything boils down to the decision that will come down from the Supreme Court — a decision that will determine whether the agency can exist at all.
In terms of the timeframe, the decision is widely expected to be imminent, with some media sites reporting that the decision on the constitutionality of the CFPB’s funding might be handed down as soon as this week. There’s no hard and fast schedule here, as decisions can be made as late as the last day of the term, which stretches into late June or early July.
The when may be a question mark, but the impact of the decision on the financial services industry may be nothing short of seismic.
The road to the marbled steps of the highest court in the land has been long.
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