Posted on Oct 3, 2023
The Supreme Court seems skeptical of a challenge to consumer agency
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https://www.npr.org/2023/10/03/ [login to see] /the-supreme-court-seems-skeptical-of-a-challenge-to-consumer-agency
In a major Supreme Court case involving the structure of government, a majority of justices seem inclined to uphold the way the Consumer Financial Protection Bureau and many other agencies are funded.
After the 2008 crash, Congress created the CFPB to protect consumers from what were seen as predatory and deceptive practices by financial institutions.
Since then, the Bureau has established consumer protections for financial transactions ranging from mortgages to credit cards. But payday lenders have, for years, fought regulations that would limit excessive fees charged on small loans of just a few hundred dollars — fees that often end up costing people thousands of dollars.
In a major Supreme Court case involving the structure of government, a majority of justices seem inclined to uphold the way the Consumer Financial Protection Bureau and many other agencies are funded.
After the 2008 crash, Congress created the CFPB to protect consumers from what were seen as predatory and deceptive practices by financial institutions.
Since then, the Bureau has established consumer protections for financial transactions ranging from mortgages to credit cards. But payday lenders have, for years, fought regulations that would limit excessive fees charged on small loans of just a few hundred dollars — fees that often end up costing people thousands of dollars.
The Supreme Court seems skeptical of a challenge to consumer agency
Posted from npr.org
Supreme Court
Government
Congress
Banking
Posted 8 mo ago
Responses: 1
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PO1 William "Chip" Nagel
...""Because Congress has not determined the amount that this agency should be spending," Francisco replied. "Instead, it has delegated to the director [of the CFPB], the authority to pick his own appropriation subject only to an upper [capped] limit."
A decision in the case is expected by the end of the court term."
...""Because Congress has not determined the amount that this agency should be spending," Francisco replied. "Instead, it has delegated to the director [of the CFPB], the authority to pick his own appropriation subject only to an upper [capped] limit."
A decision in the case is expected by the end of the court term."
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