Breaking: SCOTUS says CFPB Funding is Constitutional; CFPB Provides Comments

The Supreme Court has spoken: the Consumer Financial Protection Bureau's (CFPB) funding mechanism is constitutional. In its long-awaited ruling in the case of Community Financial Services Association of America Ltd. v. CFPB, the Court held that the CFPB's funding structure satisfies the Appropriations Clause of the United States Constitution. The CFPB provided its comments via a press release shortly after the Supreme Court published its opinion. 

Calling the legal arguments raised in the case a "radical theory that would have devastated the American financial markets," the decision sends a message that the CFPB is here to stay. Making its position clear, the CFPB's statement goes on to say,  “Today’s decision is a resounding victory for American families and honest businesses alike, ensuring that consumers are protected from predatory corporations and that markets are fair, transparent, and competitive.”

Providing some broad insight into its future aims, the CFPB says it will "continue carrying out the vital consumer protection work Congress charged us to perform for the American people."