Supreme Court Casts Doubt On Independence Of Consumer Protection Agency
The Consumer Financial Protection Bureau was established to prevent the abuses that led to the 2008 financial crisis. Now the Trump administration is questioning its independent structure.
If you have a mortgage or a loan or a credit card, you likely have more protection from deceptive practices in the financial services industry today than you did at the time of the 2008 financial crash. But at the Supreme Court Tuesday, the court's conservative majority voiced skepticism about the independent agency Congress created to protect consumers from abuse in the financial services industry.
In the aftermath of the financial crisis, the CFPB enacted new rules to safeguard the mortgage market and protect consumers from abusive and misleading practices involving everything from credit cards to debt relief. The bureau is headed by a single director,
