In a blow to the conservative legal movement, the U.S. Supreme Court ruled that the Consumer Finance Protection Bureau is not, in fact, an unconstitutional abomination.

The independent agency — which oversees payday lenders, credit card companies, and student loans — has long been a partisan target. And as it turns out, its funding mechanism is perfectly constitutional, the court ruled Thursday in a 7-2 decision.

Its conclusion was straightforward: When it created the CFPB, Congress passed a law that authorized expenditures from specific sources to fund the agency. This satisfies the Appropriations Clause of the Constitution, the court ruled.

The attack on the CFPB is not the only challenge brought this term by conservative opponents of modern regulatory agencies. In as-yet-undecided cases, the Supreme Court will consider whether to curtail the powers of the Securities Exchange Commission and whether to gut a landmark standard for all regulatory oversight. Challenges to the National Labor Relations Board are working their way through lower courts.

    • Nougat@fedia.io
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      7 months ago

      In case anyone wants to accuse you of cherry-picking, here’s the whole dirty, subversive list:

      • Rooting out unfair, deceptive, or abusive acts or practices by writing rules, supervising companies, and enforcing the law
      • Enforcing laws that outlaw discrimination in consumer finance
      • Taking consumer complaints
      • Enhancing financial education
      • Researching the consumer experience of using financial products
      • Monitoring financial markets for new risks to consumers
      • psivchaz@reddthat.com
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        7 months ago

        I spotted the problem. It talks about “education” which is really just code for “communist indoctrination” obviously.