Supreme Court to hear CFPB case Tuesday, with agency's future in the balance
CBSN
Washington — The Consumer Financial Protection Bureau is poised to face the most significant test of its 13-year existence Tuesday when the Supreme Court considers the constitutionality of the mechanism through which the agency is funded.
The CFPB, which is the brainchild of Sen. Elizabeth Warren and was created by a Democratic-led Congress in 2010, has long been criticized by Republicans who have over the years sought to weaken the bureau. Now, the case before the high court Tuesday could jeopardize the CFPB's future and actions the agency has taken since its creation.
At the crux of the dispute is the scheme through which the CFPB is funded, which was laid out through the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in response to the 2008 financial crisis. Under the law, the bureau receives up to a capped amount of funding annually from the Federal Reserve. In fiscal year 2022, the CFPB drew roughly $641.5 million from the Fed, below the inflation-adjusted cap of about $734 million, according to court filings.
President Joe Biden said France was America's "first friend" at its founding and is one of its closest allies more than two centuries later as he was honored with a state visit Saturday by French President Emmanuel Macron aimed at showing off their partnership on global security issues and easing past trade tensions.
The Consumer Federal Protection Bureau last week launched an inquiry into what the agency is calling "junk fees in mortgage closing costs." These additional fees, involving home appraisal, title insurance and other services, have spiked in recent years and can add thousands of dollars to the final cost of buying a home.
Retired Maj. Gen. William Anders, the former Apollo 8 astronaut who took the iconic "Earthrise" photo showing the planet as a shadowed blue marble from space in 1968, was killed Friday when the plane he was piloting alone plummeted into the waters off the San Juan Islands in Washington state. He was 90.