CFPB’s Funding System Upheld by Supreme Court in Biden Win (4)

The US Supreme Court upheld the Consumer Financial Protection Bureau’s funding system, lifting a legal threat that could have derailed an agency set up after the 2008 financial crisis to regulate mortgages and other consumer-finance products.

Voting 7-2, the justices rejected arguments that the CFPB, which gets its money through the Federal Reserve, was set up in violation of the constitutional provision that requires a congressional appropriation for government spending.

A loss for the CFPB could have cast doubt on a dozen years of agency work, including rules governing credit cards, banking and loans. The decision reversed a federal appeals ...