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Burst Details

Supreme Court struggles with independence of Consumer Financial Protection Bureau

KQED Radio |
2 months ago
KQED Radio

Automatic TRANSCRIPT

The consumer financial protection bureau was created with the aim of protecting consumers from abuses in the banking and financial services industry today at the Supreme Court the court's conservative justices voiced skepticism about the independent agency NPR legal affairs correspondent Nina Totenberg has more in the aftermath of the two thousand eight financial crisis Congress created the consumer financial protection bureau lodged in the offices of the federal reserve board the bureau has enacted new rules to safeguard the mortgage market and protect consumers from abusive and misleading practices involving everything from credit cards to debt relief the CFPB is headed by a single director with a five year term and in order to ensure that the director is independent the law bars the president from firing him for any reason except for malfeasance inefficiency or neglect of duty that independence is being challenged as unconstitutional by a firm that's being investigated for misleading practices and by the trump