On April 16, a seal was seen at the Consumer Financial Protection Bureau (CFPB) office in Washington, D.C. via Getty Images, Samuel Corum/Bloomberg remove caption
switch to caption via Getty Images, Samuel Corum/Bloomberg On April 16, a seal was seen at the Consumer Financial Protection Bureau (CFPB) office in Washington, D.C.
via Getty Images, Samuel Corum/Bloomberg The Consumer Financial Protection Bureau, the country’s most potent financial watchdog organization, has been found to have an illegal funding structure, according to a federal appeals court.
A three-judge panel of the 5th U.S. Circuit Court of Appeals overturned a CFPB regulation governing those high-interest lenders in a case brought by a payday lending organization, finding that the bureau’s funding “violates the Constitution” in doing so.
