Scotus to review CFPB funding structure

[jon-nyc]

Interesting. You may recall this funding structure was designed by Elizabeth Warren for the express purpose of not having it be accountable to congress.

https://www.consumerfinancemonitor.com/2023/02/27/scotus-agrees-to-decide-whether-cfpbs-funding-is-unconstitutional-but-will-not-hear-case-until-next-term/

[Horace]

I'm glad we are still living in a golden age where our supreme court justices still mostly believe the constitution is an important document, which should be defended regardless of the justice's personal opinions. This will not be the case forever, as the Democrats elect judges who can be relied upon to enforce rules as defined by pop culture, rather than the constitution.

[George K]

@jon-nyc said in Scotus to review CFPB funding structure:

Interesting.

Iirc, you've been skeptical of the CFPB charter all along, haven't you?

[Mik]

@George-K It was a Warren creation, was it not? Reason enough to be skeptical. Consumer Cossacks.

[Mik]

On the other hand, payday lenders have largely disappeared from the Ohio landscape. That's a very good thing. Legal loansharking should not be.

[jon-nyc]

It's not clear to me what would happen if they declared the funding mechanism unconstitutional.

Would the Fed have to cease funding immediately? Would CFPB then just bleed out in a few months if Congress didn't appropriate any new monies?

Makes me wonder if this could be one of those instances where Scotus wants to do something but balks based on real-world implications.