The fate of a post-2008 watchdog meant to protect Americans from another financial crisis is in the hands of a conservative Supreme Court
The fate of a consumer watchdog championed by progressives lies with a conservative-majority Supreme Court.
The three-judge panel — all appointed by former President Donald Trump — wrote in their ruling that the CFPB gets funding from the Federal Reserve, when it should be getting funding approval through Congressional legislation. The Supreme Court won't hear the case until next term, though, meaning a final decision isn't likely until the spring of 2024.
Still, Republican lawmakers and conservatives have questioned how the agency functions in the past. In 2020, the Supreme Courtthat the CFPB's director was not immune from presidential oversight, and Chief Justice John G. Roberts Jr. also mentioned the agency's funding structure in his decision.
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