CFPB Funds Under New Scrutiny

The Consumer Financial Protection Bureau faces further challenges that call into question the legality of the bureau’s funding. The Supreme Court upheld the CFPB’s funding mechanism in May. In several recent cases, companies sued by the CFPB for violations have argued that the bureau is using funds it should not be using. The Dodd-Frank Act requires that the CFPB’s funding be derived “out of gross revenues.”