U.S. Supreme Court rejects bid to gut consumer protection bureau

The U.S. Supreme Court ruled on Thursday that the funding mechanism for the Consumer Financial Protection Bureau (CFPB) is constitutional, fending off a conservative attack on the agency.

The vote in the nation's high court was 7-2, with four conservative justices siding with the three liberals and two conservatives dissenting.

The CFPB was created by Congress in the wake of the 2008 global financial crisis and serves as a watchdog over a variety of consumer issues ranging from mortgages to credit cards to student loans.