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The new rule announced by the Consumer Financial Protection Bureau is estimated to eliminate $5 billion of such fees annually.
Justice Thomas’ majority opinion criticized the dissent.
Critics argued that it was unconstitutional for the CFPB to be funded by the Federal Reserve, instead of directly through congressional appropriations.
The joint resolution would have nullified a new small business lending rule that critics say politicizes the lending process.
Republicans have derided the rule as a ‘woke’ attempt of the Biden administration to politicize lending.
Have you ever used a credit card? Or signed up for a phone plan? Opened a bank account? Chances are, you also agreed to never sue the company that offered you the service.
