Although the structure of the Consumer Financial Protection Bureau (CFPB), formed in the wake of the 2008 financial crash, is unconstitutional, the powerful agency may continue to exist under new rules, a divided Supreme Court ruled.
The 5–4 ruling handed down June 29 in the case, known as Seila Law LLC v. CFPB, was a victory for the Trump administration. Seila Law, a California-based law firm, had refused to honor CFPB’s request for information, called a civil investigative demand, and challenged the entity’s structure, claiming it was unconstitutional. Oral arguments were heard March 3.
