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Supreme Court Upholds Consumer Financial Protection Bureau structure, Ensuring Continued Oversight of Financial Industry
What Happened
In a landmark 6-3 decision delivered on June 29, 2023, the Supreme Court rejected a challenge to the structure of the Consumer Financial Protection Bureau (CFPB), affirming its constitutionality. The case,Consumer Financial Protection Bureau v. CFPB, centered on arguments that the CFPB’s single-director leadership, with limited removal power by the President, violated the separation of powers principle enshrined in the Constitution. The Court, however, found that while the CFPB’s structure is unusual, it does not run afoul of constitutional limitations.