Supreme Court rules Consumer Financial Protection Bureau funding is constitutional

The Supreme Court on Thursday ruled that the way the Consumer Financial Protection Bureau is funded does not violate the Constitution. 

The 7-2 decision was a blow to some conservatives who had argued that the regulatory agency, founded after the 2008 financial crisis, was improperly funded.

The decision overturned that of a New Orleans-based federal appeals court that ruled that the bureau's funding violated the U.S. Constitution's Appropriations Clause since it receives its funding from the Federal Reserve and does not rely on the annual congressional budget process.

The case was brought by payday lenders who objected to the CFPB.

The opinion, authored by Justice Clarence Thomas, cites history, including the appropriations in England before the U.S. was founded, as well as the practices of the First Congress.

Justices Samuel Alito and Neil Gorsuch both dissented from the majority.

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