May 14, 2021 The Consumer Financial Protection Bureau is headquartered in Washington, DC.
Andrew Kelly | Reuters
this Supreme Court rules The Consumer Financial Protection Bureau’s funding structure on Thursday was legal.
The court rejected arguments that the way the CFPB is funded violates the Appropriations Clause of the U.S. Constitution because Congress does not appropriate funds for the agency annually. Instead, Congress authorized the CFPB to withdraw funds from the Federal Reserve System that the agency’s director deems necessary for its work.
The majority opinion written by Judge Clarence Thomas overturned the 5th U.S. Circuit Court of Appeals’ decision in a 7-2 decision.
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