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Supreme Court Takes Case Threatening CFPB’s Existence

The Supreme Court has agreed to hear a case that could endanger the existence of the Consumer Financial Protection Bureau, the Federal Reserve and other federal agencies. So reports DSNews.

supreme court 544218 640small 150x150Last fall, a Fifth Circuit Court of Appeals panel comprising three Trump appointees held that the agency’s funding model is unconstitutional because the spending comes from the Fed and thus from bank fees, rather than being appropriated annually by Congress or the agency.

Separately, the CFPB has permanently banned RMK Financial, also known as Majestic Home Loans, from the mortgage lending industry after the company allegedly continued to falsely market itself to military families despite a previous CFPB sanction.

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