1/14, 5:30 PM (Source: TeleTrader)
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SCOTUS declines to hear CFPB challenge

The Supreme Court of the United States declined to pursue a case on Monday on the constitutionality of the Consumer Financial Protection Bureau (CFPB), according to various media reports.

The challenge was brought by the State National Bank of Big Spring and two nonprofit groups, the Competitive Enterprise Institute and the 60 Plus Association. They alleged that the CFPB's structure was unconstitutional as it had only one director who could not be removed by a sitting US president at will and that Congress had no control over the agency's funding. However, the Supreme Court ultimately declined to hear the case, thereby settling the matter at least for the timebeing.

The current CFPB president Kathy Kraninger assumed her position in June last year. The agency had previously found itself at the center of various lawsuits, with a federal judge ruling in November 2017 that Kraninger's predecessor Mick Mulvaney had been lawfully chosen for the role by United States President Donald Trump.

Breaking the News / DZ