Supreme Court to hear case that threatens existence of consumer protection agency

The U.S. Supreme Court will hear arguments next term about whether Consumer Financial Protection Bureau, set up after the 2008 financial crisis to protect consumers from predatory lending practices, is funded constitutionally. (Anna Moneymaker/Getty Images)

The Supreme Court agreed on Monday to take up a case that could threaten the existence of the Consumer Financial Protection Bureau and potentially the status of numerous other federal agencies, including the Federal Reserve.

A panel of three Trump appointees on the Fifth Circuit Court of Appeals ruled last fall that the agency's funding is unconstitutional because the CFPB gets its money from the Federal Reserve, which in turn is funded by bank fees.