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 March 1, 2023

Elizabeth Warren's CFPB to have fate determined by Supreme Court

Sen. Elizabeth Warren could take a loss soon at the hands of the Supreme Court as one of the agencies she helped launch is under scrutiny. 

According to Fox News, the Consumer Financial Protection Bureau (CFBP), an agency launched after the market collapse of 2008, will soon have its future determined as the high court weighs in on a key financial issue.

The financial issue at hand revolves around how the CFBP is funded.

Fox News explained: "The issue before the court is how the CFPB is funded – the financial watchdog agency bypasses typical congressional appropriations and simply requires the CFPB director to make requests of the Treasury Department for funds as needed."

"The banking industry parties challenging the CFPB say that is unconstitutional, citing the Appropriations Clause of the Constitution," Fox added.

"Good. The @CFPB is clearly unconstitutional. It decides its own budget. And then the Federal Reserve, funded by banks, pays the bill. This violates the Constitution's Appropriations Clause, which puts Congress--not unelected, unaccountable bureaucrats--in charge of the purse," Mike Davis tweeted.

The CFPB is a federal agency created in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its mission is to protect consumers by promoting transparency and fairness in the financial marketplace.

The CFPB regulates financial institutions such as banks, credit unions, mortgage lenders, and payday lenders, among others. It enforces federal consumer financial laws and regulations, investigates consumer complaints, and takes legal action against financial institutions that engage in unfair, deceptive, or abusive practices.

The agency conducts research on consumer financial issues to inform its rulemaking, supervisory, and enforcement activities.

Fox News added: "Warren, now a Democrat senator from Massachusetts, is credited for creating the agency, although she never led it. Warren’s 2020 presidential campaign website says she ‘came with the idea for the CFPB before the crisis even began and then fought successfully to turn her idea into a reality."

Either way, it, like many other bureaus that play by a different set of rules, could go by the wayside.

The Supreme Court is will hear oral arguments in the fall, meaning a decision isn't likely until mid-2024.

Only time will tell if Warren's agency makes it.

Written By:
Ryan Ledendecker

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