The Supreme Court rejected a challenge on Thursday that could have paved the way for a consumer protection regulator to be dismantled.
The court ruled by 7-2 vote that the unconventional way the Consumer Financial Protection Bureau (CFPB) receives funding is constitutional, dealing a blow to the business interests who brought the challenge. Two trade associations for financial services firms had argued that it is illegal for the agency to be funded directly by the Federal Reserve instead of the congressional appropriations process.
Read the full story