Supreme Court analysts expressed their surprise on Thursday at Justice Clarence Thomas's latest ruling involving the Consumer Financial Protection Bureau .In a 7-2 decision, the court ruled that the funding mechanism of the CFPB is legal, reversing a decision by the New Orleans-based Court of Appeals For The Fifth Circuit.
'Differing OpinionsWhen approached for comment by Newsweek, the CFPB referred to their press release from Thursday, which stated, 'For years, lawbreaking companies and Wall Street lobbyists have been scheming to defund essential consumer protection enforcement. The Supreme Court has rejected their radical theory that would have devastated the American financial markets. The court repudiated the arguments of the payday loan lobby and made it clear that the CFPB is here to stay.
Source: Law Daily Report (lawdailyreport.net)
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