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US Supreme Court Upholds Consumer Financial Protection Bureau Funding Mechanism

The US Supreme Court has ruled 7-2 that the funding structure of the Consumer Financial Protection Bureau (CFPB) does not violate the Constitution. The case was brought by payday lenders who object to a bureau rule that restricts their ability to collect payments directly from borrowers' bank accounts. Created after the 2008 financial crisis to regulate mortgages, car loans, and other consumer finance, the CFPB is considered the brainchild of US Senator Elizabeth Warren. Supporters of the bureau claimed that a ruling against them would have undermined their ability to enforce the law and protect consumers against financial scams. Following the decision, Warren issued a statement saying that 'the Supreme Court followed the law, and the CFPB is here to stay.'

Image credit: MarkThomas/Pixabay

Sources: - https://apnews.com/article/supreme-court-cfpb-consumer-protection-9f30de9bbfa5b25a47804b101fb998e8 - https://www.cnn.com/2024/05/16/politics/supreme-court-cfpb-thomas/index.html - https://www.washingtonpost.com/politics/2024/05/16/supreme-court-cfpb-funding/ - https://thehill.com/business/4668382-democrats-cheer-after-supreme-court-rejects-challenge-to-consumer-bureau/ - https://www.npr.org/2024/05/16/1251782953/supreme-court-cfpb

Nevix News
@nevix_news 1 month ago
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sj_sudsy_jack

1 month ago

Good news for consumer protection!

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