Supreme Court Seems Poised to Uphold Consumer Watchdog Agency Against Industry Challenge

The Supreme Court heard a case challenging the funding of the Consumer Financial Protection Bureau (CFPB), created after the 2008 financial crisis.
The CFPB is funded through the Federal Reserve rather than congressional appropriations, leading to claims it violates separation of powers.
Both liberal and conservative justices expressed skepticism about arguments to eliminate the CFPB on constitutional grounds.
A ruling against the CFPB could nullify its past actions and regulations, potentially causing market instability.
The case was brought by payday lenders impacted by CFPB regulations, but could affect the mortgage market and other federal agencies.