Supreme Court Votes 7-2 to Uphold Controversial Funding Structure for Consumer Financial Protection Bureau

The Supreme Court on May 16 rejected a challenge to the constitutionality of the unusual means Congress uses to fund the powerful Consumer Financial Protection Bureau (CFPB) by a vote of 7-2. The federal agency, which regulates consumer financial products such as credit cards, mortgages, and car loans, was the brainchild of Sen. Elizabeth Warren (D-Mass.). Democrats fiercely defend the CFPB, formed after the financial crisis of 2008–09, saying it serves a useful function as a check on corporate power. The agency was created in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Republicans and conservatives accuse the CFPB of overreach. The Trump administration had targeted the agency....