• The Supreme Court is set to hear oral arguments Tuesday in a case regarding the Consumer Financial Protection Bureau’s constitutionality that could leave the financial services watchdog facing an uncertain future.
• The Consumer Financial Protection Bureau (CFPB) was formed in 2011 in the wake of the financial crisis and the Great Recession. The CFPB was created as an independent agency within the Federal Reserve under the Dodd-Frank Act, which specified the agency would be funded through fees collected by the Fed rather than through Congress’s annual appropriations process.
• The CFPB has regulatory authority over most entities operating in the financial sector, ranging from banks and credit unions to securities firms, mortgage servicers, payday lenders and debt collectors.

Tagged: SCOTUS