Supreme Court rules that consumer agency funding is constitutional

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The Supreme Court ruled today that the Consumer Financial Protection Bureau’s (CFPB) independent funding is what Congress intended and is constitutional.

The 7-2 decisive decision in the case Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA) rejects payday lenders’ goal to defund and defang the Consumer Bureau. The CFPB is funded the same way as the other federal financial regulators (Federal Reserve, OCC, FDIC, etc.).

The CFPB has been a strong financial watchdog for consumers, using its oversight and enforcement authority to help rid the marketplace of unfair and deceptive practices. The Consumer Bureau’s actions have led to nearly $20 billion in relief for almost 200,000 consumers.

“The Supreme Court made the right decision—ruling that the CFPB's independent funding is constitutional. The Consumer Bureau can continue to protect consumers, provide refunds and hold companies accountable without having to look over its shoulder,” said Ruth Susswein, Consumer Action’s director of consumer protection.




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