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Supreme Court Rejects Conservative Attack on the Consumer Financial Protection Bureau

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The justices ruled 7-2 that the way the Consumer Financial Protection Bureau is funded does not violate the Constitution.

on Thursday rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau.

The CFPB, the brainchild of Democratic Sen. Elizabeth Warren of Massachusetts, has long been opposed by Republicans and their financial backers. The bureau says it has returned $19 billion to consumers since its creation. Unlike most federal agencies, the consumer bureau does not rely on the annual budget process in Congress. Instead, it is funded directly by the Federal Reserve, with a current annual limit of around $600 million.

In dissent, Alito wrote, “The Court upholds a novel statutory scheme under which the powerful Consumer Financial Protection Bureau may bankroll its own agenda without any congressional control or oversight.”, during the first week of the court’s term.

 

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