On Tuesday, October 3rd, the U.S. Supreme Court heard oral arguments in CFPB v. Community Financial Services Association of America, a case that challenges the constitutionality of the agency’s independent funding structure. Following oral arguments, Jay Beitel spoke with reporters to discuss the case and its potential impact.
“The Supreme Court has the world of consumer finance in its hands,” Beitel said. “Whether it will turn that world upside down or not, is the question. Persuasive arguments were made on both sides, but the prevailing sentiment seems to be to not destroy what has been done in the past seven years.”
Beitel added “Based upon the oral arguments and the questions from the court, I expect the court will ‘do the least harm’ and either uphold the funding structure or require the legislature to reform it in a way that is constitutionally sound. In either event, the consumer financing industry should take comfort that its day-to-day operations and adherence to existing regulations will remain unchanged.”
Beitel’s commentary was included in the following media coverage:
- HousingWire: Supreme Court appears skeptical of upending CFPB funding in oral arguments
- Yahoo! Finance: Supreme Court appears skeptical of upending CFPB funding in oral arguments
- Forbes Advisor: Consumer Protection Agency At Risk As SCOTUS Hears Funding Arguments
- RealProperty: The Supreme Court appears skeptical in oral arguments about repealing CFPB funding
- The Chrisman Commentary: 10.13.23 MBA Annual Preview; Jay Beitel on the Supreme Court and CFPB; Inflation Moving Rates