Supreme Court Justices Signal Support for US Consumer Agency’s Funding System
- Conservative and liberal justices question funding challenge
- Consumer Financial Protection Bureau created after 2008 crisis
The Supreme Court in Washington, DC.
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US Supreme Court justices suggested they aren’t likely to declare the Consumer Financial Protection Bureau’s funding system unconstitutional, hearing arguments in a case that had threatened to upend years of agency work.
Even some of the court’s conservative justices indicated Tuesday they are inclined to back the agency, set up after the 2008 financial crisis to regulate mortgages, auto loans, credit cards and other consumer-finance products. Congress let the bureau draw as much money as it needs – up to a cap it has never hit – from the Federal Reserve.