The U.S. Supreme Court has scheduled oral argument on October 3, 2023 in Community Financial Services Association of America Ltd. v. CFPB. In the case, CFSA has asked the Supreme Court to affirm the Fifth Circuit panel’s decision which held that the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution.
The CFPB and CFSA have filed their briefs on the merits and the CFPB’s reply brief is due by August 2. Numerous amicus briefs have been filed in support of each of the parties. A group of 27 Republican State Attorney Generals who filed an amicus brief in support of CFSA also filed a motion with the Supreme Court asking for leave to participate in oral argument as amicus curiae supporting CFSA. CFSA has filed a response in opposition to the AGs’ motion in which it asserts that “undivided argument would be most appropriate and beneficial for this Court.” The Supreme Court has not yet ruled on the motion.
October 3 will be the second day of the first session of the Supreme Court’s next Term. The early oral argument date creates the potential for a decision from the Court by early 2024. Should the Supreme Court rule that the CFPB’s funding is unconstitutional but stay its decision in order to give Congress time to change the CFPB’s funding (as several amici have urged it to do), the contentious political process that will undoubtedly ensue will take place in the midst of a Presidential election year.