Supreme Court to decide fate of Obama-era Consumer Financial Protection Bureau

The Supreme Court said Monday it would decide on the constitutionality of the Consumer Financial Protection Bureau, created in the wake of the 2008 Wall Street collapse and funded directly by the Federal Reserve.

If the high court’s conservative majority agrees, it could cast doubt on the Federal Reserve as well because the Fed relies on bank fees and interest income for its operating expenses, not an annual appropriation from Congress. The CFPB was championed by Democrats, including now-Sen. Elizabeth Warren, to protect consumers and borrowers from deceptive and unfair practices by banks and mortgage lenders. It has been steadily opposed by much of the lending industry and many Republicans.

The Democrats who wrote the Dodd-Frank Act in 2010 tried to protect the bureau from political interference from the White House or Congress. The director was given a semi-independent status, and the bureau was authorized to obtain up to 12% of the annual revenues of the Federal Reserve for its operating expenses.The Supreme Court’s conservatives have cast a skeptical eye on the bureau.

Incorrect, they said they would decide on the funding model the CFBP has. The Federal Reserve also has the same funding model and would be affected by any ruling. Social Security & Medicare too. Overall, a dogshit headline & tweet here

I have a bad feeling about this.

Their goal is to destroy the regulatory state. Look at Ohio for what happens when that happens. Because Republicans value power and $$$ before human beings.

Good now do the aid to the Ukraine

We've got this one thing to go to if a major corporation goes after you without cause and we might say it is unconstitutional?

37,729 consumer complaints filed against BankofAmerica since 1/1/20 but CFPB swiftly dismissing complaints. Sign Petition: Tell Congress & TheJusticeDept to investigate BankofAmerica for Predatory & Abusive Acts Join 1,130 supporters via Change!

Unelected bureaucrats with no oversight. CFPB is unconstitutional

Bull💩

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