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☆ Conservatives hope Supreme Court defangs US consumer watchdog
  + stars: | 2023-09-12 | by ( John Kruzel | ) www.reuters.com   time to read: +6 min
But the watchdog's future may be in peril thanks to a case now before the U.S. Supreme Court. Pro-business conservatives and their Republican allies believe the court fight has brought them closer than ever to dismantling the CFPB. Congress, then controlled by Democrats, authorized the agency to supervise certain financial institutions' compliance with federal consumer laws, backed by the threat of lawsuits and fines. Circuit Court of Appeals last October ruled that the agency's funding structure violated the Constitution. Biden's administration told the Supreme Court that the CFPB's funding structure approved by Congress - with a fixed amount going to the agency annually - was effectively "a standing, capped lump-sum appropriation."
Persons: Clarence Thomas, Samuel Alito, Kevin Wurm, Wells, Joe Biden's, Ellen Harnick, Barack Obama, Mick Mulvaney, Donald Trump, Mulvaney, John Kruzel, Douglas Gillison, Will Dunham, Scott Malone Organizations: U.S, Supreme, REUTERS, Rights, Consumer Financial, Bureau, Fifth Third Bank, U.S . Federal, Congress, Center for Responsible, Republican, Democrats, Republicans, Republican U.S, Community Financial Services Association of America, Consumer Service Alliance of Texas, Circuit, Trump, Federal Deposit Insurance Corporation, Office, Federal Reserve, Thomson Locations: Washington , U.S, New Orleans
☆ U.S. Supreme Court to hear fight over consumer watchdog agency's funding
  + stars: | 2023-02-27 | by ( John Kruzel | Industry Insight | Recommended Change Management Practices To Plan | ) www.reuters.com   time to read: +4 min
The justices will hear the case during the court's next term, which begins in October. The case is the latest to come before the Supreme Court seeking to rein in the authority of federal agencies. The CFPB, which enforces consumer financial laws, was created after the 2008 financial crisis as part of a federal law known as the Dodd–Frank Wall Street Reform and Consumer Protection Act. A Democratic-led Congress in 2010 set up the agency to draw funding annually from the Federal Reserve, the U.S. central bank, which last fiscal year transferred around $642 million to the consumer protection agency. The court heard arguments in November in two other cases involving agency power.
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