Supreme Court Sides With The Consumer Financial Protection Bureau
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Supreme Court saves consumer protection agency after a challenge from conservatives and the payday lending industry
The Supreme Court ruled Thursday that the federal watchdog created in response to the 2008 financial meltdown may continue to operate in its current form, brushing aside claims from the payday lending industry that could have severely jeopardized years of consumer-friendly banking regulations. Justice Clarence Thomas wrote the majority opinion for a 7-2 court. The ruling is a victory for the Biden administration, which argued that a lower court’s decision invalidating the Consumer Financial...
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Supreme Court rejects payday lenders' challenge to Obama-era consumer protection bureau
The Supreme Court on Thursday upheld the U.S. consumer protection agency that was created under President Obama and congressional Democrats to protect Americans from financial scams. By a 7-2 vote, the justices rejected a constitutional claim brought by a coalition of payday lenders who had won before a panel of three Trump appointees on the 5th Circuit Court of Appeals. The lower court had questioned the legality of the Consumer Financial Protection Bureau, ruling it was not properly...
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