Second, the lawsuit asserts that the Final Rule exceeds the statutory scope of section 1071 because it expanded the 13 data points listed in the statute to 81 items in the Final Rule.We’ve discussed the status of litigation challenging the CFPB’s funding structure in a QuickStudy titled Second Circuit Decides CFPB Funding Structure Is Constitutional, Setting up Circuit Split for Supreme Court. First, it argues that the Final Rule is invalid because the CFPB’s funding structure is unconstitutional, relying heavily on the Fifth Circuit’s Community Financial decision holding as much.The lawsuit seeks to invalidate the CFPB’s Final Rule for four reasons: Ethnicity, race, and sex of principal owners. ![]()
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