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| | ==Background== | | ==Background== |
| − | As explained by the [[Fifth Circuit]]: | + | As explained by the [[Fifth Circuit]], which referred to the Consumer Financial Protection Bureau as the "Bureau": |
| | <blockquote>In response to the 2008 financial crisis, Congress enacted the Consumer Financial Protection Act, 12 U.S.C. §§ 5481-5603. The Act created the Bureau as an independent regulatory agency housed within the Federal Reserve System. See id. § 5491(a). The Bureau is charged with "implement[ing]" and "enforce[ing]" consumer protection laws to "ensur[e] that all consumers have access to markets for consumer financial products and services" that "are fair, transparent, and competitive." Id. § 5511(a). | | <blockquote>In response to the 2008 financial crisis, Congress enacted the Consumer Financial Protection Act, 12 U.S.C. §§ 5481-5603. The Act created the Bureau as an independent regulatory agency housed within the Federal Reserve System. See id. § 5491(a). The Bureau is charged with "implement[ing]" and "enforce[ing]" consumer protection laws to "ensur[e] that all consumers have access to markets for consumer financial products and services" that "are fair, transparent, and competitive." Id. § 5511(a). |
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| | The Bureau's funding scheme is unique across the myriad independent executive agencies across the federal government. It is not funded with periodic congressional appropriations. "Instead, the [Bureau] receives funding directly from the Federal Reserve, which is itself funded outside the appropriations process through bank assessments." Seila Law, 140 S. Ct. at 2194. Each year, the Bureau simply requests an amount "determined by the Director to be reasonably necessary to carry out the" agency's functions. Id. § 5497(a)(1). The Federal Reserve must then transfer that amount so long as it does not exceed 12% of the Federal Reserve's "total operating expenses." Id. § 5497(a)(1)-(2). For the first five years of its existence (i.e., 2010-2014), the Bureau was permitted to exceed the 12% cap by $ 200 million annually so long as it reported the anticipated excess to the President and congressional appropriations committees. Id. § 5497(e)(1)-(2).</blockquote> | | The Bureau's funding scheme is unique across the myriad independent executive agencies across the federal government. It is not funded with periodic congressional appropriations. "Instead, the [Bureau] receives funding directly from the Federal Reserve, which is itself funded outside the appropriations process through bank assessments." Seila Law, 140 S. Ct. at 2194. Each year, the Bureau simply requests an amount "determined by the Director to be reasonably necessary to carry out the" agency's functions. Id. § 5497(a)(1). The Federal Reserve must then transfer that amount so long as it does not exceed 12% of the Federal Reserve's "total operating expenses." Id. § 5497(a)(1)-(2). For the first five years of its existence (i.e., 2010-2014), the Bureau was permitted to exceed the 12% cap by $ 200 million annually so long as it reported the anticipated excess to the President and congressional appropriations committees. Id. § 5497(e)(1)-(2).</blockquote> |
| | ''Cmty. Fin. Servs. Ass'n of Am. v. Consumer Fin. Prot. Bureau'', 51 F.4th 616, 623-24 (5th Cir. 2022). | | ''Cmty. Fin. Servs. Ass'n of Am. v. Consumer Fin. Prot. Bureau'', 51 F.4th 616, 623-24 (5th Cir. 2022). |
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| | ==Services== | | ==Services== |
| | The ''[[Wall Street Journal]]'' reported, "The pride of Harvard Law School, Ms. Warren is a hero to the political Left for proposing a new bureaucracy to micromanage the services that banks can offer consumers. But she is also so politically controversial that no less a liberal lion than Connecticut Senator [[Chris Dodd]] has warned the White House that she probably isn't confirmable."<ref name=wsj>[http://online.wsj.com/article_email/SB10001424052748703440604575495681843430198-lMyQjAxMTAwMDEwODExNDgyWj.html Elizabeth III - Obama to Senate: Stick that in your advice and consent clause.]</ref> | | The ''[[Wall Street Journal]]'' reported, "The pride of Harvard Law School, Ms. Warren is a hero to the political Left for proposing a new bureaucracy to micromanage the services that banks can offer consumers. But she is also so politically controversial that no less a liberal lion than Connecticut Senator [[Chris Dodd]] has warned the White House that she probably isn't confirmable."<ref name=wsj>[http://online.wsj.com/article_email/SB10001424052748703440604575495681843430198-lMyQjAxMTAwMDEwODExNDgyWj.html Elizabeth III - Obama to Senate: Stick that in your advice and consent clause.]</ref> |