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Will the CFPB expand its oversight to new areas by the end of 2024?
5
Supreme Court•Consumer Financial Protection Bureau•CFPB•Federal Reserve•Congress•Clarence Thomas•Samuel Alito•Neil Gorsuch•Elizabeth Warren
Resolution / Starting Odds
No expansion • 25%
Expansion to digital currencies • 25%
Expansion to fintech companies • 25%
Expansion to other financial services • 25%
Official CFPB communications or regulatory updates
Story
Supreme Court Upholds CFPB Funding Structure in 7-2 Decision
May 16, 2024, 11:20 PM
The Supreme Court has upheld the funding structure of the Consumer Financial Protection Bureau (CFPB) in a 7-2 decision, confirming its constitutionality. This ruling is a significant victory for the agency, which was created in 2010 and is funded directly by the Federal Reserve rather than through the annual budget process in Congress. The decision, written by Justice Clarence Thomas, was supported by a majority of justices, including some who typically align with conservative views. Justices Samuel Alito and Neil Gorsuch dissented. The ruling ensures that the CFPB can continue its mission to protect consumers from financial scams and predatory practices, having already returned over $20 billion to consumers since its inception. The decision was praised by several lawmakers, including Senator Elizabeth Warren, who was instrumental in the CFPB's creation. Critics, however, argue that the funding structure grants the agency too much autonomy and lacks transparency.
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Yes, against one more bank • 33%
Yes, against two or more banks • 33%
No additional actions • 33%
Direct support for the rule • 25%
Neutral stance • 25%
Opposition to the rule • 25%
No involvement • 25%
Changes implemented • 50%
No changes • 50%
New disclosure rules • 25%
Increased enforcement actions • 25%
Revised compliance guidelines • 25%
Introduction of new transparency measures • 25%
Stricter regulations imposed • 33%
Looser regulations imposed • 33%
No significant change • 33%