Consumer Bureau Poised for the Fight of Its Life Before Supreme Court

Politico, Sept. 1, 2023–Katy O’Donnell
Democrats who created the Consumer Financial Protection Bureau a decade ago thought they could shield the agency from political pressure by funding it through the Federal Reserve instead of Congress.
That decision, which drew condemnation from GOP lawmakers and has helped make the regulator a lightning rod for attacks ever since, is facing its biggest test Tuesday when the Supreme Court hears arguments on its constitutionality.
Housing industry representatives have also called on the high court to preserve existing CFPB regulations. They warned of “potentially catastrophic consequences that a decision drawing those rules into doubt could have on the mortgage and real-estate markets,” in an amicus brief submitted by three of the industry’s most powerful trade groups.
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