comment letter

CBA Files Amicus Brief in CFPB vs CFSA Lawsuit


SUMMARY OF ARGUMENT: The Bureau’s funding scheme is historically unique—and unconstitutional. The Bureau is endowed with “vast authority.” Seila Law LLC v. CFPB, 140 S. Ct. 2183, 2210 (2020). Its jurisdiction encompasses not only consumer financial-services companies, but also individuals and businesses that engage in any of ten specified consumer financial activities that are common throughout the economy. Far beyond the authority that discrete financial regulators enjoy, the Bureau’s authority spans the entire market. See 12 U.S.C. §5481(6). In addition, Congress transferred to the Bureau rulemaking authority with respect to eighteen federal laws, §5581(b); and also endowed the Bureau with new authority to declare unlawful any “unfair, deceptive or abusive acts or practices.” §5531(b). Finally, the Bureau has wideranging enforcement power—to conduct investigations, institute and adjudicate administrative proceedings, file enforcement actions in court, and seek myriad forms of relief, including civil penalties of up to $1 million per day…\

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