The Supreme Court ruled in a 7-2 decision on Thursday to uphold the funding structure of the Consumer Financial Protection Bureau (CFPB), a federal watchdog agency established in response to the 2008 financial crisis. The ruling rejected claims from the payday lending industry that sought to challenge the bureau's funding mechanism.
The Biden administration, which supported the CFPB's funding model, argued that invalidating the bureau's funding would have undermined years of consumer-friendly banking regulations related to mortgages, car loans, and credit cards. The CFPB was created by Congress in 2010 to safeguard consumers from financial scams.
