Supreme Court Case Could Limit CFPB's Power and Independence

Democrats created the CFPB and funded it through the Federal Reserve to shield it from politics. Its funding method is now facing a major test in the Supreme Court.
The case could curb the CFPB's power, throw its rules into question, and affect other agencies like the Fed that aren't funded by Congress.
Democrats say the CFPB's independence was critical to its formation, while Republicans argue the funding scheme lacks accountability.
The court could kick the issue back to Congress to change how the CFPB is funded, opening the door for broader reforms.
A ruling against the CFPB risks undermining other regulators like the Fed and FDIC, which could create economic chaos.

politico.com

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