The U.S. Supreme Court on Monday agreed to decide whether the Consumer Financial Protection Bureau's funding structure established by Congress violates the U.S. Constitution in a case that President Joe Biden's administration has said threatens the agency's ability to function and risks market disruption.
"As it did for the Federal Reserve Board and other federal banking regulators, Congress authorized the CFPB's funding through legislation other than annual spending bills," the spokesperson said. "This type of funding is a vital part of the nation's financial regulatory system, providing stability and continuity for the agencies and the system as a whole."
The CFPB was created by Democratic-led Congress in 2010, following the 2008 financial crisis, as part of a federal law called the Dodd–Frank Wall Street Reform and Consumer Protection Act. The lawsuit also took aim at a CFPB regulation designed to curb "unfair" and "abusive" payday lending practices. The 2017 rule barred lenders from trying to withdraw loan repayments from a borrower's bank account after two consecutive attempts failed due to insufficient funds unless the consumer consented.
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