on Tuesday balked at the assertion that the Consumer Financial Protection Bureau's funding mechanism was unconstitutional. Oral arguments commenced in a case thathave said could upend key U.S. financial regulations instituted in the wake of the 2008 economic crisis, a former member of CFPB's consumer advisory board told CFPB's rule on payday lending, a regulation that prohibited banks from trying to withdraw funds from borrowers when they miss two consecutive payments.
Noel J. Francisco, the attorney representing the CFSA, argued that a lack of limits on the duration of the funding of about $600 million that the CFDB receives from the Fed and delegating authority to the executive branch agency to appropriate the funding was particularly problematic. "Well, if a group ... if a member or a House of Congress tomorrow, if a majority of a House of Congress said we're not going to fund—pick your agency—unless we change the CFPB funding structure, they could do that," Kavanaugh said.
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