Recently the State National Bank of Big Spring filed a petition for certiorari seeking Supreme Court review of the D.C. Circuit's decision in June that affirmed the constitutionality of the CFPB. The case had been held in aveyance on the district court level until the decision in PHH v. CFPB, in which an en banc panel for the D.C. Circuit held that the structure of the CFPB was indeed constitutional. The District Court subsequently ruled against Big Spring, and after an appeal, the district court's ruling was upheld by the D.C. Circuit in June.
Big Spring is urging the Court to take the case due to a recent decision from the Fifth Circuit in Collins v. Mnuchin, in which the circuit held that the structure of the Federal Housing Finance Agency is unconstitutionally insulated from Executive Branch oversight. Big Springs argues that the similar structures at the FHFA and CFPB, and the two conflicting decisions result in a circuit split that the Supreme Court should resolve.
The Honorable C. Boyden Gray joins us to discuss various aspects of this latest challenge to the constitutionality of the CFPB.

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