SCOTUS Upholds CFBC Funding, Saving Agency.

[0311]

The Consumer Financial Protection Bureau’s funding stream, which bypasses the congressional appropriations process, is constitutional, the Supreme Court ruled Thursday, saving the controversial agency from a potentially devastating blow.

https://www.politico.com/news/2024/05/16/supreme-court-upholds-cfpb-funding-saving-agency-00158348

The high court, in a 7-2 decision, rejected an argument by payday lenders that Congress’s decision more than a decade ago to insulate the CFPB from the annual budget debate ran afoul of the Constitution’s clause concerning appropriations of federal money. The closely watched case had threatened to not only curtail the power of the bureau but also to disrupt financial markets by casting doubt on the functions of other independently funded regulators across the government.

“In addition to vesting the Bureau with sweeping authority, Congress shielded the Bureau from the influence of the political branches,” Justice Clarence Thomas wrote in an opinion for the court.

 

[martybegan]

The Consumer Financial Protection Bureau’s funding stream, which bypasses the congressional appropriations process, is constitutional, the Supreme Court ruled Thursday, saving the controversial agency from a potentially devastating blow.

https://www.politico.com/news/2024/05/16/supreme-court-upholds-cfpb-funding-saving-agency-00158348

The high court, in a 7-2 decision, rejected an argument by payday lenders that Congress’s decision more than a decade ago to insulate the CFPB from the annual budget debate ran afoul of the Constitution’s clause concerning appropriations of federal money. The closely watched case had threatened to not only curtail the power of the bureau but also to disrupt financial markets by casting doubt on the functions of other independently funded regulators across the government.

“In addition to vesting the Bureau with sweeping authority, Congress shielded the Bureau from the influence of the political branches,” Justice Clarence Thomas wrote in an opinion for the court.

It must kill you that Thomas wrote the opinion on this.

 

[JackOfNoTrades]

It must kill you that Thomas wrote the opinion on this.

Even a permanently broken clock is right once in a while....(twice a day in the case of the clock).

 

[Harpy Eagle]

I am a bit surprised it was Neil Gorsuch and Samuel Alito that ruled against it.

 

[pknopp]

I'm not real familiar with this case but since Payday lenders lost I have to imagine it's a good ruling.

 

[22lcidw]

Ahhh...the fiat currency and what it has wrought. The owners are legitimate mafia money lenders demanding their pound of flesh. Taking a cut with sub mafia lenders taking their cut, with sub mafia lenders taking their cut.

 

[C_Clayton_Jones]

The Consumer Financial Protection Bureau’s funding stream, which bypasses the congressional appropriations process, is constitutional, the Supreme Court ruled Thursday, saving the controversial agency from a potentially devastating blow.

https://www.politico.com/news/2024/05/16/supreme-court-upholds-cfpb-funding-saving-agency-00158348

The high court, in a 7-2 decision, rejected an argument by payday lenders that Congress’s decision more than a decade ago to insulate the CFPB from the annual budget debate ran afoul of the Constitution’s clause concerning appropriations of federal money. The closely watched case had threatened to not only curtail the power of the bureau but also to disrupt financial markets by casting doubt on the functions of other independently funded regulators across the government.

“In addition to vesting the Bureau with sweeping authority, Congress shielded the Bureau from the influence of the political branches,” Justice Clarence Thomas wrote in an opinion for the court.

Very good.