The Second Circuit ruled today that the Consumer Financial Protection Bureau’s funding structure is constitutional.

In a unanimous decision,the court disagreed with a Fifth Circuit decision.  The panel panel said at it “cannot find any support for the Fifth Circuit’s conclusion” in Supreme Court precedent, the Constitution’s text or the history of the appropriations clause. “Because the CFPB’s funding structure was authorized by Congress and bound by specific statutory provisions, we find that the CFPB’s funding structure does not offend the Appropriations Clause.”

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