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In a 7-2 decision, the Supreme Court on Thursday ruled that the structure under which the Consumer Financial Protection Bureau (CFPB) is funded is constitutional. This decision overturned an October 2022 Fifth Circuit Court ruling that the CFPB’s funding from earnings contributed by the Federal Reserve was unconstitutional since it bypassed the normal annual Congressional appropriations process for federal agencies.

 

The CFPB, created as part of the 2010 Dodd-Frank legislation, has the authority to adopt consumer protection rules for a broad range of financial products and to supervise almost all non-bank financial firms, as well as banks and credit unions with assets over $10 billion.

 

The new ruling upholds the CFPB’s ability to be funded outside the normal annual appropriations process and gives the CFPB more independence—both because Congress does not have the authority to cut funding in response to CFPB actions and because the CFPB is not subject to so-called appropriations limitations amendments under which specific actions can be constrained.

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June 20, 2024

Innovative Housing Showcase Recap

During the recent Innovative Housing Showcase, more than 5,000 people visited the two HUD Code manufactured home duplexes on display. 

June 11, 2024

MHI Gets Everyone Talking About Manufactured Housing at Terwilliger Center Summit on Housing Supply Solutions

MHI Gets Everyone Talking About Manufactured Housing at Terwilliger Center Summit — MHI CEO, Champion Homes Speak About Today’s Manufactured Home

Capitol Building

June 9, 2024

MHI CEO Responds to Washington Post Opinion Piece About Chassis Removal Legislation

MHI wrote a letter to the editor of the Washington Post in response to this opinion piece.  

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June 20, 2024

MHI News & Updates June 20, 2024

Headlines from MHI News & Updates June 20, 2024

Innovative Housing Showcase Recap – MHI gets everyone talking about Manufactured Housing
MHI CEO Responds to Washington Post Opinion Piece About Chassis Removal Legislation
HUD Extends Deadline for Community Preservation Grant Applications

FinCen Goes on the Road to Ensure Businesses Understand New Compliance Requirements

As part of the effort to inform small business owners about new beneficial ownership reporting requirements, the Financial Crimes Enforcement Network (FinCEN) has been on a cross-country tour to ensure compliance with reporting requirements. Readouts and recaps of the meetings are available on the FinCEN website.

On Wednesday, MHI joined its business coalition partners in sending a letter to the U.S. Department of Labor urging the agency to delay implementation of the overtime final rule pending judicial review. There are currently four legal challenges to the overtime rule, yet the July 1 effective date has not changed despite this legal uncertainty.

Industry Pushes Back Against DOL Overtime Rule

On Wednesday, MHI joined its business coalition partners in sending a letter to the U.S. Department of Labor urging the agency to delay implementation of the overtime final rule pending judicial review. There are currently four legal challenges to the overtime rule, yet the July 1 effective date has not changed despite this legal uncertainty.