Democrats Rally to Defend CFPB's Existence in Supreme Court Case

More than 140 current and former Democratic lawmakers filed an amicus brief in the Supreme Court to defend the Consumer Financial Protection Bureau (CFPB) from challenges to its regulatory authority. The case challenges the constitutionality of the agency and would undermine its funding and mandated authorities. The lawmakers argue that upholding the appeals court decision that undermined the agency's funding mechanism would place at risk a funding model that has been used since the early Republic. The CFPB was created by the 2010 Dodd-Frank Act after the 2008 financial crisis.