Lawrence Hurley covers the Supreme Court for NBC News.
WASHINGTON — The Supreme Court on Thursday rejected a business-backed challenge that could have scuttled the federal agency set up to protect consumers from shady financial services practices. The court on a 7-2 vote ruled that the funding structure of the Consumer Financial Protection Bureau, which allows the agency to be funded directly by the Federal Reserve, is constitutionally sound.
' More broadly, the ruling means that 'there is apparently nothing wrong' with laws that allow executive branch agencies to be funded independently and with no expiry date, he added. In 2018, the Community Financial Services Association of America and the Consumer Service Alliance of Texas sued the CFPB in an effort to throw out a regulation cracking down on payday loans.
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