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."

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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