| The Consumer Financial Protection Bureau's funding stream, which bypasses the congressional appropriations process, is constitutional, the Supreme Court ruled Thursday, saving the controversial agency from a potentially devastating blow. The high court, in a 7-2 decision, rejected an argument by payday lenders that Congress's decision more than a decade ago to insulate the CFPB from the annual budget debate ran afoul of the Constitution's clause concerning appropriations of federal money. The closely watched case had threatened to not only curtail the power of the bureau but also to disrupt financial markets by casting doubt on the functions of other independently funded regulators across the government. Read the latest
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