CFPB’s Future at Stake as Supreme Court Hears Funding Arguments

Oral arguments in a battle over the Consumer Financial Protection Bureau’s funding scheme are likely to provide clues about how far the Supreme Court’s conservative majority is willing to go in reshaping federal agencies and the rules they enforce.

The arguments in Consumer Financial Protection Bureau v. Community Financial Services Association of America set for Tuesday will focus on whether the CFPB’s funding through the Federal Reserve violates the Constitution’s appropriations clause.

The blockbuster case threatens to subject the agency to Congress’s annual spending fights, which could in turn upend the funding process for the Federal Reserve and other key ...