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%Start Appeals court says financial watchdog agency CFPB' s structure is unconstitutional HEAD TOPICS
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Three federal appeals court judges appointed by President Trump have ruled that the funding structure of the Consumer Financial Protection Bureau is unconstitutional
Bloomberg via Getty ImagesA seal at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., on April 16.A federal appeals court has ruled that the funding structure of the nation's most powerful financial watchdog agency, the Consumer Financial Protection Bureau, is unconstitutional. In a case brought by a payday lending group, a three-judge panel of the 5th U.S. Circuit Court of Appeals threw out a CFPB regulation governing those high-interest-rate lenders and ruled that the way the bureau is funded,"violates the Constitution's structural separation of powers." Read more:
KPBS News » Appeals court says financial watchdog agency CFPB's structure is unconstitutional California-based investor takes three North Texas rental communities Three migration patterns that will shape the post-pandemic era - Phoenix Business Journal Three people still missing in hard-hit Florida county in wake of Hurricane Ian, sheriff says
KPBS News » Appeals court says financial watchdog agency CFPB's structure is unconstitutional California-based investor takes three North Texas rental communities Three migration patterns that will shape the post-pandemic era - Phoenix Business Journal Three people still missing in hard-hit Florida county in wake of Hurricane Ian, sheriff says
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Read more >> Appeals court says financial watchdog agency CFPB' s structure is unconstitutionalAn appeals court ruled the funding structure of the U.S. financial watchdog agency, the Consumer Financial Protection Bureau, is unconstitutional because it receives funds through the Fed — not Congress. It makes sense for them to push for predatory lending because they know millions of Americans will be increasingly dependent on credit cards as the nation hurdles toward a deep recession Good gawd.
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JFC. California-based investor takes three North Texas rental communitiesOdyssey Properties Group purchased 578 apartments in Arlington and Grand Prairie. Three migration patterns that will shape the post-pandemic era - Phoenix Business JournalFrom new trends in the soaring Sun Belt to heavy losses for some heavy hitters, here's a look at migration patterns that are likely to shape the economy in the post-pandemic era.
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Three people still missing in hard-hit Florida county in wake of Hurricane Ian, sheriff saysNEW YORK — Three people are still missing from a Florida county weeks after Hurricane Ian slammed into the state as a Category 4 storm, according to the Lee County Sheriff's Office. Southern Smoke Festival 2022: Three Days of Food and FunSouthern Smoke Festival is back this year, after a nearly three-year absence. Due to the COVID pandemic, the fall charity festival from Chris Shepherd's Southern Smoke Foundation was last held in 2019.
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This year, its organizers have chosen to make the foodie fest's return bigger and better and longer than... SouthernSmokeTX Is it FREE
CBS Extends Three Rookie Series for Full Season'Fire Country,' 'East New York' and 'So Help Me Todd' are the most watched first-year shows on the broadcast networks so far this fall. / Bloomberg via Getty Images A seal at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.A sign stands at the construction site for the Consumer Financial Protection Bureau's new headquarters in Washington, Monday, Aug.2:28 PM on Oct 18, 2022 CDT A California investor, Odyssey Properties Group , has bought three North Texas apartment communities with 578 units.counties were already winning the migration battle before Covid-19 took the world by storm.
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C., on April 16. Andrew Harnik/AP toggle caption Andrew Harnik/AP A sign stands at the construction site for the Consumer Financial Protection Bureau's new headquarters in Washington, Monday, Aug.
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A federal appeals court has ruled that the funding structure of the nation's most powerful financial watchdog agency, the Consumer Financial Protection Bureau, is unconstitutional. “The Dallas region is especially compelling due to its strong job growth, fast-growing economy and low cost of doing business as compared to other metros — a continued benefit for investors in the area. In a case brought by a payday lending group, a three-judge panel of the 5th U.
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Andrew Harnik/AP A federal appeals court has ruled that the funding structure of the nation's most powerful financial watchdog agency, the Consumer Financial Protection Bureau, is unconstitutional.S. Nineteen of the top 20 counties for net migration were in the Sun Belt, with Texas and Florida accounting for a healthy share of the list — although Arizona's Maricopa County, which includes Phoenix — topped the list.
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Circuit Court of Appeals threw out a CFPB regulation governing those high-interest-rate lenders and ruled that the way the bureau is funded,"violates the Constitution's structural separation of powers.S. In Grand Prairie, Odyssey Properties Group purchased The Belmont, a 260-unit apartment community on Tarrant Road that was built in 1983." "Three judges, all appointed by President Trump, have decided to take away the funding for that agency that Congress itself had voted for," says Chris Peterson, a law professor at the University of Utah and former enforcement attorney at the CFPB. The bureau was created by the Obama administration and Congress in the wake of the financial crisis and Great Recession to better protect everyday Americans from getting cheated by banks, student loan and credit card companies and other financial firms." "Three judges, all appointed by President Trump, have decided to take away the funding for that agency that Congress itself had voted for," says Chris Peterson, a law professor at the University of Utah and former enforcement attorney at the CFPB.
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It has returned billions of dollars to consumers who it deemed have been treated unfairly. “Leveraging our deep experience and local relationships, we plan to implement strategic upgrades to unrenovated units at each community in order to unlock value and deliver in-demand apartment homes to the market.
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To protect it from political influence though, the bureau receives its funding from the Federal Reserve, not Congress. It has returned billions of dollars to consumers who it deemed have been treated unfairly. Several of the Sun Belt metros that have posted significant population growth over the past decade showed a clear pattern: weak or even negative net migration in their largest county accompanied by strong growth in neighboring counties.
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It was that part of its structure that the court said violates the Constitution. "While the great majority of executive agencies rely on annual appropriations for funding, the Bureau does not," the judges wrote .
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It was that part of its structure that the court said violates the Constitution. Dallas-Fort Worth is the with almost $23 billion in sales in the last year."Wherever the line between a constitutionally and unconstitutionally funded agency may be, this unprecedented arrangement crosses it." Peterson says the CFPB is not unique as an agency that does not receive its annual funding determined by Congress — the Federal Reserve and the Federal Deposit Insurance Corporation both are funded in other ways."Wherever the line between a constitutionally and unconstitutionally funded agency may be, this unprecedented arrangement crosses it.
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"The CFPB is likely to ask for a stay while it seeks an appeal to the entire 5th Circuit. In New York County, for example, the top five destinations for moving tax filers were to other counties within metro New York.
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. "The CFPB is likely to ask for a stay while it seeks an appeal to the entire 5th Circuit..
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and then likely the United States Supreme Court after that," says Peterson.. In the meantime, he says it raises doubt about all sorts of other rules that the bureau has in place, because at least in the region of the 5th circuit - Texas, Louisiana, and Mississippi - other CFPB rules could be challenged with similar lawsuits.
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"There's going to be a lot of confusion about whether or not rules associated with mortgage loans, debt collection, credit cards, are still even viable rules anymore down in the Fifth Circuit. In the meantime, he says it raises doubt about all sorts of other rules that the bureau has in place, because at least in the region of the 5th circuit - Texas, Louisiana, and Mississippi - other CFPB rules could be challenged with similar lawsuits. NOTE: For best results, filter by either origination or destination state before selecting your county.
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" If the ruling ultimately stands it could mean the bureau would need to get an annual budget approved by Congress, which Peterson says would make it vulnerable to,"banks, payday lenders, and debt collection agencies who are incredibly effective at lobbying Congress to weaken consumer protections." In a statement, the CFPB said"there is nothing novel or unusual about Congress's decision to fund the CFPB outside of annual spending bills." If the ruling ultimately stands it could mean the bureau would need to get an annual budget approved by Congress, which Peterson says would make it vulnerable to,"banks, payday lenders, and debt collection agencies who are incredibly effective at lobbying Congress to weaken consumer protections." A bureau spokesperson said Medicare and Social Security are funded outside of the annual appropriations process. The agency says it will,"continue to carry out its vital work enforcing the laws of the nation and protecting American consumers.." Copyright 2022 NPR.
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To see more, visit https://www.npr.org. National Chris Arnold NPR correspondent Chris Arnold is based in Boston.
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His reports are heard regularly on NPR's award-winning newsmagazines Morning Edition, All Things Considered, and Weekend Edition. He joined NPR in 1996 and was based in San Francisco before moving to Boston in 2001. Sign up for our newsletters!
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