In late June, the U.S. Supreme Court, in a 5-4 ruling, said that Congress overstepped its bounds when it created a Consumer Financial Protection Bureau (CFPB) under the control of a single director who had no political accountability (i.e. political control by the President) and that it gave him/her too much power. As reported by the Wall Street Journal, “the decision on Monday caps a 10-year legal battle over the CFPB, which was designed to protect consumers from abusive financial-industry practices on products like mortgages, student loans and credit cards.”
“Today’s Supreme Court decision finally brings certainty to the operations of the Bureau. We will continue with our important mission of protecting consumers with no question that we are fully accountable to the President. Consumers and market participants should understand that the same rules continue to govern the consumer financial marketplace.” Kathy Kraninger, Director of the Consumer Financial Protection Bureau.