In the Press
October 2, 2023

CFPB’s Future at Stake as Supreme Court Hears Funding Arguments (Bloomberg Law)

Oral arguments in a battle over the Consumer Financial Protection Bureau’s funding scheme are likely to provide clues about how far the Supreme Court’s conservative majority is willing to go in reshaping federal agencies and the rules they enforce. Court watchers are eager to see if three justices in particular—Chief Justice John Roberts and Justices Brett Kavanaugh and Amy Coney Barrett—. “The chief has seemingly not really loved enormously disruptive rulings,” said Jaime Santos, Appellate & Supreme Court Litigation partner. The Mortgage Bankers Association submitted an amicus brief backing neither party but raising concerns about the effect on the mortgage market if the CFPB’s existing rules for lenders and servicers are ruled invalid by the high court. “The regulated industries have a stake in seeing the bureau survive in some form,” said William Jay, who leads the Appellate & Supreme Court practice, to Bloomberg