Third District Court Rejects OLC’s Interpretation Of CFPB Funding Statute

Judge Aiken Holds That “Combined Earnings” Means Federal Reserve Revenue, Not Profit

In a September 25, 2026, decision, Judge Ann Aiken of the U.S. District Court for the District of Oregon became the third federal district judge to reject the Office of Legal Counsel’s interpretation of the statutory mechanism Congress established to fund the Consumer Financial Protection Bureau. In State of New York v. Vought, Judge Aiken held that the “combined earnings” of the Federal Reserve System, from which the CFPB is funded, means the Federal Reserve’s gross revenues before expenses are deducted. She also held that the CFPB Acting Director has a statutory duty to request the funds that he determines are reasonably necessary for the Bureau to carry out its responsibilities.