Court To Give Elizabeth Warren’s Consumer Board The Hairy Eyeball
View Source | February 27, 2023 10:12 am
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- he Supreme Court said Monday it will take up a Republican-led challenge to the Consumer Financial Protection Bureau, a case that could threaten how the consumer watchdog agency functions if the high court agrees with the challenge. It is the second time in three years that the justices will be examining the federal agency, which was created in the wake of the 2008 financial crisis.
- Since the bureau was created more than a decade ago by the Dodd-Frank Act, it has varied in its aggressiveness. During the Obama administration, it used its muscle to collect fines from banks and credit card companies; during the Trump administration, it drastically scaled back enforcement actions. Republicans have argued that the agency has unchecked power.
- The agency was the brainchild of Sen. Elizabeth Warren of Massachusetts, a former Democratic presidential candidate.
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