![]() The payday loan industry trade groups filed their lawsuit in 2018. “If the Supreme Court follows more than a century of law and historical precedent, it will strike down the 5th Circuit’s decision before it throws our financial markets and economy into chaos.” “Despite years of desperate attacks from Republicans and corporate lobbyists, the constitutionality of the CFPB and its funding structure have been upheld time and time again,” Warren said. central bank, which last fiscal year transferred around $642 million to the consumer protection agency. A Democratic-led Congress in 2010 set up the agency to draw funding annually from the Federal Reserve, the U.S. 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. The court’s 6-3 conservative majority has signaled skepticism toward expansive regulatory power in rulings in recent years including one in 2022 that limited the Environmental Protection Agency’s authority to issue sweeping regulations to reduce carbon emissions from power plants. The case is the latest to come before the Supreme Court seeking to rein in the authority of federal agencies. The Biden administration had asked that the case be heard in the court’s current term. ![]() The justices will hear the case during the court’s next term, which begins in October.
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