The Supreme Court on Thursday rejected a business-backed challenge that could have scuttled the federal agency set up to protect consumers from shady financial services practices.
The court in a 7-2 vote ruled that the funding structure of the Consumer Financial Protection Bureau (CFPB), which allows the agency to be funded directly by the Federal Reserve, is constitutionally sound.
In doing so, the court rejected claims brought by two trade groups representing lenders, which argued that the agency had to be funded by annual appropriations approved by Congress.
this post was submitted on 16 May 2024
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