Federal district court in New York rules that BCFP is unconstitutional

A federal district court in New York ruled yesterday that the BCFP is unconstitutional.  The U.S. District Court for the Southern District of New York stated that the Bureau is “unconstitutionally structured because it is an independent agency that exercises substantial executive power and is headed by a single Director.” The decision was handed down […]

A federal district court in New York ruled yesterday that the BCFP is unconstitutional.  The U.S. District Court for the Southern District of New York stated that the Bureau is “unconstitutionally structured because it is an independent agency that exercises substantial executive power and is headed by a single Director.”

The decision was handed down in a case that originated in 2017 by BCFP and the New York attorney general, against a firm accused of bilking 9/11 first responders.  The judge actually recommended eliminating the entire section of Dodd-Frank that created the BCFP, which would close the Bureau and force the Administration to completely reorganize. The LSCU will provide updates as they become available on next steps regarding this ruling. Read more.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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