Supreme Court to review case challenging CFPB's funding mechanism
CBSN
Washington — The Supreme Court on Monday agreed to take up a case taking aim at the Consumer Financial Protection Bureau, putting the agency in the crosshairs of the conservative court once again.
At the crux of the court battle is the mechanism for funding the consumer watchdog, which was the brainchild of Democratic Sen. Elizabeth Warren of Massachusetts. Unlike most of the federal government's agencies and departments, which are funded through congressional appropriations, the CFPB is funded by the Federal Reserve. The high court will review a decision by a federal appeals court that found the funding structure violates the Appropriations Clause of the Constitution, which states that "no money shall be drawn from the Treasury, but in consequence of appropriations made by law."
Since the CFPB was established in 2010 through the Dodd-Frank Wall Street Reform and Consumer Protection Act, the consumer watchdog has been a target of numerous court battles mounted by conservatives. In 2020, the Supreme Court ruled that the structure of the CFPB violates the separation of powers, as its director must be removable by the president at will. Still, the court said the agency may continue to operate.
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