Supreme Court affirms Consumer Financial Protection Bureau’s funding
The Supreme Court has ruled that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional, rejecting claims it violated the Appropriations Clause.
Established after the 2008 financial crisis, the CFPB ensures fairness in consumer financial markets.
The case challenged the CFPB’s unique funding mechanism, which is funded by a percentage of Federal Reserve earnings, arguing it lacked Congressional oversight.
The Community Financial Services Association of America Limited argued that the CFPB lacked the necessary Congressional oversight to comply with the Appropriations Clause.
Justice Clarence Thomas authored the decision, stating it met the criteria of “appropriation made by law.”
The CFPB hailed the ruling as a victory for consumers and fair markets, vowing to continue its crucial work.
CFPB advocate Senator Elizabeth Warren lauded the decision as a win for the working class.
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