Consumer Financial Protection Bureau building in Washington. (Photo: Diego M. Radzinschi/ALM) Supreme Court Rejects Challenge to CFPB, Says Funding Structure Constitutional
In a 7-2 ruling, the court held that the Dodd-Frank Act did not violate the Constitution by funding the consumer finance watchdog through the Federal Reserve rather than through the annual congressional appropriations process.
May 16, 2024 at 11:21 AM
5 minute read
The U.S. Supreme Court delivered a major victory to the Consumer Financial Protection Bureau on Thursday, rejecting a challenge from the payday loan industry to its independent funding structure that would have jeopardized the agency's regulatory activities.
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