The Supreme Court is hearing a case about the future of the Consumer Financial Protection Bureau, and justices may rule the agency to be unconstitutional. That would throw the status quo into disarray.
Congress created the Consumer Financial Protection Bureau in 2010 when it passed the Dodd-Frank financial-reform law, giving it a mission to protect Americans from unfair, deceptive and abusive financial practices.
Oversight of consumer finance was previously "scattered across government" and laws "escaped regular federal oversight," according to the CFPB website. The agency has recovered more than $12 billion for consumers to date, according to a Consumer Federation of America report published in March last year. The agency's activity has dropped off under the Trump administration, the report says.Christopher PetersonThe plaintiff in the Supreme Court case — Seila Law LLC v. Consumer Financial Protection Bureau — questions the legality of the agency's unique structure.
Opponents of the agency, which receives its funding from the Federal Reserve, have called for Congress to structure it as a multi-member commission similar to a federal regulator like the five-member SEC.
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