Supreme Court upholds CFPB funding mechanism 7-2 in Community Financial Services Association

The Supreme Court ruled 7-2 in Consumer Financial Protection Bureau v. Community Financial Services Association of America that the bureau's funding draws from the Federal Reserve, which is permissible under the Appropriations Clause. Justice Clarence Thomas wrote the majority opinion, reversing the Fifth Circuit; Justices Alito and Gorsuch dissented. The ruling preserved roughly a decade of CFPB rulemaking, including the payday-lending rule the plaintiff payday lenders had originally challenged.