U.S. Supreme Court rejects challenge to consumer protection bureau

[Eugene]

Source: Reuters

WASHINGTON (Reuters) - The U.S. Supreme Court on Monday turned away a Texas bank’s constitutional challenge to the structure of the U.S. Consumer Financial Protection Bureau, passing up a case that could have led to more presidential power over an independent agency that President Donald Trump’s administration already has weakened.

The decision by the justices not to hear an appeal by State National Bank of Big Spring may not be the final word on the matter as three other cases involving the CFPB are heading toward the high court.

At issue was whether the CFPB’s sole director possesses too much power in violation of the authority the U.S. Constitution gives a president to appoint and remove certain federal officials. A ruling in favor of the bank could have allowed a president to fire the agency’s director for any reason.

The CFPB, a consumer watchdog agency often criticized by conservatives and Trump’s fellow Republicans, was established in 2011 under legislation signed by former President Barack Obama that was passed by a Congress controlled by Obama’s fellow Democrats to crack down on predatory financial practices after the 2007-2009 financial crisis.

-snip-

SUPREME COURT JANUARY 14, 2019 / 9:46 AM / UPDATED 6 HOURS AGO
Lawrence Hurley
3 MIN READ


Read more: https://www.reuters.com/article/us-usa-court-cfpb/u-s-supreme-court-rejects-challenge-to-consumer-protection-bureau-idUSKCN1P81M8

[riversedge]

1. a victory for now........but..

...The decision by the justices not to hear an appeal by State National Bank of Big Spring may not be the final word on the matter as three other cases involving the CFPB are heading toward the high court.

Sponsored
ADVERTISING

At issue was whether the CFPB’s sole director possesses too much power in violation of the authority the U.S. Constitution gives a president to appoint and remove certain federal officials. A ruling in favor of the bank could have allowed a president to fire the agency’s director for any reason.

The CFPB, a consumer watchdog agency often criticized by conservatives and Trump’s fellow Republicans, was established in 2011 under legislation signed by former President Barack Obama that was passed by a Congress controlled by Obama’s fellow Democrats to crack down on predatory financial practices after the 2007-2009 financial crisis.

[MadDAsHell]

2. I wish this entity actually did something. Contacted them about student loan issues; it was a joke.

[Buckeyeblue]

3. The CFPB has had banks shitting their pants for the last 8 years

I can tell you that the way banks respond to issues and complaints has changed drastically in the consumers favor over the last several years.