Summary
A court ruled that the Trump administration must keep funding the Consumer Financial Protection Bureau (CFPB) through the Federal Reserve. This decision came right before a funding lapse that might have stopped the agency from paying its employees. The CFPB, created after the 2008 financial crisis, protects consumer financial interests.
Key Facts
- A court made a decision that requires the Trump administration to continue funding the CFPB.
- The funding must come from the Federal Reserve.
- The ruling prevented a lapse that could have left the CFPB without money to pay employees.
- President Trump has directed CFPB employees not to work, aiming to close the agency.
- The CFPB was created after the 2008 financial crisis to protect consumers.
- The agency has provided over $21 billion in relief to consumers.
- The CFPB is not funded through annual Congressional budgets, making its structure unique.
