Payday loan companies had alleged the way CFPB is funded was unconstitutional.
The Supreme Court on Thursday upheld the Consumer Financial Protection Bureau and how Congress decided to fund the agency, rejecting a constitutional challenge by the banking industry and preserving a broad set of regulations that govern everything from credit cards to personal loans and home mortgages.
Justice Clarence Thomas, who wrote the opinion, said while the associations made several arguments for why the agency's funding mechanism was constitutionally unsound, "none is persuasive." "Under the Appropriations Clause, an appropriation is simply a law that authorizes expenditures from a specified source of public money for designated purposes," Thomas wrote. "The statute that provides the Bureau’s funding meets these requirements. We therefore conclude that the Bureau’s funding mechanism does not violate the Appropriations Clause.
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