• A federal appeals court’s severe blow to the Consumer Financial Protection Bureau is poised to chill the agency’s financial oversight authority and possibly imperil much of the work it has already carried out.
• The court tossed out one of the agency’s major rules cracking down on payday lenders and threw into doubt the legitimacy of CFPB, which was the brainchild of far-left champion Sen. Elizabeth Warren of Massachusetts.
• “The decision is a big deal in that it would suggest that the CFPB cannot take enforcement actions unless and until Congress fixes its funding. It’s another blow to the CFPB,” said Jonathan Adler, a constitutional law professor at Case Western University.

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