Supreme Court to hear CFPB case Tuesday, with agency's future in the balance
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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.
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