CFPB Constitutional Questions Persist

Issues of CFPB constitutionality and structural deficiencies remain after the 2020 U.S. Supreme Court decision in Seila Law LLC v. Consumer Financial Protection Bureau, 140 S. Ct. 2183 (2020). In recent oral argument before the U.S. Court of Appeals, Fifth Circuit, counsel for All American Check Cashing and the CFPB argued broader contours of the agency’s structural issues: Whether the agency director defects (as identified in Seila) and/or the agency’s financial independence are constitutional defects that compel dismissal of the agency’s 2014 civil investigative demand. See Consumer Finance Protection Bureau v. All American Check CashingInc., Case No. 18-60302, 953 F. 3d 381 (5th Cir. 2021).