53 articles | last updated: May 16 23:34:55
In a 7-2 decision, the court confirms the constitutionality of the CFPB's unique funding mechanism, preserving its role in consumer protection.
- The ruling was a major setback for conservative efforts to dismantle the CFPB.
- Justice Clarence Thomas authored the majority opinion, joined by both conservative and liberal justices.
- The decision maintains the CFPB's ability to draw funds directly from the Federal Reserve.
- Dissenting justices argued that the funding mechanism violates the Appropriations Clause.
- The case was initially brought by payday lenders challenging CFPB regulations.
People, Places and Things In This Story
- Clarence Thomas Associate Justice of the Supreme Court of the United States
- Consumer Financial Protection Bureau Government agency
- Federal Reserve System Central bank
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