CFPB official seal. Credit/Shutterstock
A recent decision by a federal district court in Texas (Chamber of Com. of U.S. v. Consumer Fin. Prot. Bureau) has gotten a lot of attention lately, and for good reason. It answers three basic questions that are asked when a regulation is challenged and does so in a way that substantially reduces the CFPB's UDAAP powers. In fact, even if the Supreme Court ultimately upholds the constitutionality of the Bureau's funding mechanism, if the district court's ruling is upheld, financial institutions, particularly larger ones, will have achieved an important legal victory.
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