US Supreme Court upholds CFPB's funding structure, dismissing conservative challenge.

The US Supreme Court has upheld the Consumer Financial Protection Bureau's (CFPB) funding structure, dismissing a conservative challenge that could have jeopardized the agency's existence. The 7-2 vote upheld the constitutionality of the CFPB's funding, which relies on the Federal Reserve rather than direct congressional appropriations. The CFPB was established in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act and is responsible for regulating consumer financial products.

May 16, 2024
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