10/20/2022

As this ruling was just handed down late yesterday, October 19th, we have not had an opportunity to review and prepare a summary for NPA members.  

However, here are a few headlines and comments from news reports: 

• The 5th U.S. Circuit Court of Appeals based in New Orleans ruled that the CFPB’s independent funding by the Federal Reserve, instead of budgets passed by Congress, violates the separation of powers principles in the Constitution. 
• The suit was filed in 2018 by the Community Financial Services Association of America and contained several challenges to the CFPB’s authority. 
• Yesterday’s ruling only addressed the issue of funding. 

As stated above, we will provide a comprehensive analysis as soon as possible.  

Meanwhile, there have been no changes to the CFPB’s authority as it relates to the pawn industry.  

Continue to be certain that all of your compliance measures are current and in place!!!