Supreme Court will consider constitutionality of CFPB

The Consumer Financial Protection Bureau building in Washington. Photo: Bill Clark/CQ-Roll Call, Inc via Getty Imagesof the Consumer Financial Protection Bureau.This case may be the most serious challenge yet to the decade-plus-old agency, which was founded in the wake of the 2008 financial crisis to more closely regulate financial companies' dealings with everyday Americans.from the conservative-leaning U.S.

The decision overturned a regulation governing payday lenders that never went into effect, but the judges held that the CFPB's funding, which is not subject to Congressional appropriations, is unconstitutional. The CFPB is directly funded by the Federal Reserve and is not the only financial regulator with a funding structure like this. The FDIC is also not subject to appropriations.Consumer advocates say a decision upholding this case, Consumer Financial Protection Bureau v. Community Financial Services Association of America, would substantially weaken the agency and destabilize the mortgage market, which relies on established rules from the agency.

Advocates also argue that a Supreme Court decision upholding the lower court's ruling could jeopardize the funding of other regulators. They also believe such a ruling could invalidate all the CFPB's prior rulemaking and enforcement actions. That "could cause chaos in the marketplace," said Lauren Saunders, associate director of the National Consumer Law Center, in a statement Monday."The Chamber has long believed, and warned Democrats and Republicans, that the CFPB’s structure is unconstitutional," said Bill Hulse, a vice president, at the Chamber, in a statement this fall.

They should transfer their work load to the fbi. Start putting the white collar criminals in prison.

Every day, it becomes clearer that there are few checks and balances on SCOTUS.

That's SenWarren 's pet project, this should be hilarious

There's never a downside to removing financial regulations! Everything always works out great and greed never leads to any problems!

WTF? Bannon's deconstruction of the administrative state. Why is the CFPB even a consideration. What's next? OSHA_DOL, the FTC ?

Insane 'constitutionality' Good gawd

What is the difference between “everyday Americans” and non-everyday Americans? Are some Americans not Americans on certain days of the week?

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