Supreme Court hears challenge to consumer watchdog, Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau is on the line Tuesday at the Supreme Court. The government agency created after the 2008 financial crisis to protect Americans from predatory and deceptive Business es practices is on the line Tuesday at the Supreme Court. The justices is hearing an existential challenge to the Consumer Financial Protection Bureau, the independent watchdog and banking regulator, in a case that could impact anyone who has a mortgage, loan or credit card. A group of payday loan companies regulated by the CFPB allege that the way the agency is funded -- not by annual appropriations from Congress but by the Federal Reserve -- is unconstitutional. MORE: Supreme Court gives president more control over Consumer Financial Protection Bureau The Consumer Financial Protection Bureau headquarters in Washington, D.C., Dec. 23, 2020. Bloomberg via Getty Images, FILE They want the court to invalidate everything the CFPB has done since its inception because of the allegedly ...