The Supreme Court has rejected a conservative-led attack that could have undermined the federal agency regulating credit cards and other kinds of consumer borrowing. The 7-2 ruling upholds the existence of the Consumer Financial Protection Bureau (CFPB), a consumer watchdog agency formed during the Obama administration in the aftermath of the financial meltdown.

Backers of the CFPB were worried that the conservative-leaning court might find the agency's funding mechanism violates the constitution, but in an opinion authored by conservative Clarence Thomas and the court's three liberals, the majority says it finds no constitutional violation in any way.

The agency takes its funding from the Federal Reserve.

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