this post was submitted on 18 May 2024
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200
The Consumer Finance Protection Bureau Is Constitutional, After All (theintercept.com)
submitted 7 months ago by IndustryStandard@lemmy.world to c/news@lemmy.world
8 comments fedilink hide all child comments
 

In a blow to the conservative legal movement, the U.S. Supreme Court ruled that the Consumer Finance Protection Bureau is not, in fact, an unconstitutional abomination.

The independent agency — which oversees payday lenders, credit card companies, and student loans — has long been a partisan target. And as it turns out, its funding mechanism is perfectly constitutional, the court ruled Thursday in a 7-2 decision.

Its conclusion was straightforward: When it created the CFPB, Congress passed a law that authorized expenditures from specific sources to fund the agency. This satisfies the Appropriations Clause of the Constitution, the court ruled.

The attack on the CFPB is not the only challenge brought this term by conservative opponents of modern regulatory agencies. In as-yet-undecided cases, the Supreme Court will consider whether to curtail the powers of the Securities Exchange Commission and whether to gut a landmark standard for all regulatory oversight. Challenges to the National Labor Relations Board are working their way through lower courts.

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[–] randompasta 42 points 7 months ago (1 children)

Check out the radical left "protections" the CFPB has according to https://www.consumerfinance.gov/about-us/the-bureau/. They are, "Rooting out unfair, deceptive, or abusive acts or practices" and "enforcing laws". How else is my business supposed to complete on a fair playing field? /s

[–] Nougat@fedia.io 30 points 7 months ago (1 children)

In case anyone wants to accuse you of cherry-picking, here's the whole dirty, subversive list:

  • Rooting out unfair, deceptive, or abusive acts or practices by writing rules, supervising companies, and enforcing the law
  • Enforcing laws that outlaw discrimination in consumer finance
  • Taking consumer complaints
  • Enhancing financial education
  • Researching the consumer experience of using financial products
  • Monitoring financial markets for new risks to consumers
[–] psivchaz@reddthat.com 9 points 7 months ago

I spotted the problem. It talks about "education" which is really just code for "communist indoctrination" obviously.

[–] Carrolade@lemmy.world 17 points 7 months ago (1 children)

Have to admit, 7-2 surprised me a little bit. But I'll take it.

[–] SkyezOpen@lemmy.world 4 points 7 months ago* (last edited 7 months ago) (1 children)

I assume Kavanaugh and ACB were in the majority. They have at least chilled out a bit after destroying reproductive rights.

I'm betting alito and Thomas were the 2 dissenting.

[–] SkyezOpen@lemmy.world 7 points 7 months ago

Could've just read the article lol. Alito and gorsuch. Surprising.

[–] Jode@midwest.social 3 points 7 months ago (1 children)

Is this the case that would have vaporized chevron or is there another horror waiting for us. My feeble not lawyer mind can only keep up with so many podcasts about this 😑

[–] SnotFlickerman@lemmy.blahaj.zone 5 points 7 months ago

https://www.scotusblog.com/case-files/cases/loper-bright-enterprises-v-raimondo/

https://www.scotusblog.com/case-files/cases/relentless-inc-v-department-of-commerce/

These are the two Chevron cases. We're not expecting a result from them until June probably.

They can still end up ruling against Chevron and make this ruling essentially pointless.