'If the Supreme Court follows suit,' said one watchdog, 'it will mark a major win for everyday consumers impacted by abusive fees, predatory lenders, and corporate greed.'
by the Supreme Court that the funding violates the Constitution's appropriations clause and the separation of executive and legislative powers.
The CFPB is funded by the Federal Reserve rather than through appropriations voted on annually by lawmakers. Writing for the three-judge 2nd Circuit panel that voted unanimously in favor of the bureau, Judge Richard Sullivanthat the justice system "has consistently interpreted the appropriations clause to mean simply that 'the payment of money from the Treasury must be authorized by a statute,'"—which doesn't apply to the CFPB since it receives no funding from the U.S. Treasury Department.
An upcoming ruling by the Supreme Court that supports the 2nd Circuit's finding would "mark a major win for everyday consumers impacted by abusive fees, predatory lenders, and corporate greed," said government watchdog Accountable.US."The CFPB is a vital voice for consumers and protects Americans from unfair and abusive practices,"Our work is licensed under Creative Commons . Feel free to republish and share widely.
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