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CFPB’s Path Forward After the Supreme Court Decision

On May 16, in a 7-2 decision authored by Justice Clarence Thomas, the Supreme Court upheld the constitutionality of the Consumer Financial Protection Bureau (CFPB) and capped the agency’s 12-year battle to implement federal payday lending reforms. The decision, which reversed a Fifth Circuit decision declaring the CFPB’s funding mechanism unconstitutional, has myriad repercussions for the CFPB’s enforcement program and policy agenda, as well as for the agency as an institution. Join Husch Blackwell’s Consumer Financial Services team for insights on the decision and its implications, including the long-delayed implementation of the payday lending rule.

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