Supreme Court saves consumer protection agency in fight with payday lenders
CNN
The Supreme Court ruled Thursday that the federal watchdog created in response to the 2008 financial meltdown may continue to operate in its current form, brushing aside claims from the payday lending industry that could have severely jeopardized years of consumer-friendly banking regulations.
The Supreme Court ruled Thursday that the federal watchdog created in response to the 2008 financial meltdown may continue to operate in its current form, brushing aside claims from the payday lending industry that could have severely jeopardized years of consumer-friendly banking regulations. Justice Clarence Thomas wrote the majority opinion for a 7-2 court. The ruling is a victory for the Biden administration, which argued that a lower court’s decision invalidating the Consumer Financial Protection Bureau’s funding would have gutted years of popular regulations on mortgages, car loans and credit cards. Congress created the bureau in 2010 to protect consumers from financial scams. This story is breaking and will be updated.
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