Many conservatives and their Republican allies have portrayed the CFPB as part of an overbearing “administrative state,” the network of agencies responsible for the array of federal regulations affecting businesses and individuals.
By MARK SHERMAN (Associated Press)
WASHINGTON (AP) — The Supreme Court on Thursday rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau.
The justices ruled 7-2 that the way the CFPB is funded does not violate the Constitution, reversing a lower court and drawing praises from consumers. Justice Clarence Thomas wrote the majority opinion, splitting with his frequent allies, Justices Samuel Alito and Neil Gorsuch, who dissented.
The CFPB was created after the 2008 financial crisis to regulate mortgages, car loans and other consumer finance. The case was brought by payday lenders who object to a bureau rule that limits their ability to withdraw funds directly from borrowers’ bank accounts. It’s among several major challenges to federal regulatory agencies on the docket this term for a court that has for more than a decade been open to limits on their operations.
The CFPB, the brainchild of Democratic Sen. Elizabeth Warren of Massachusetts, has long been opposed by Republicans and their financial backers. The bureau says it has returned $19 billion to consumers since its creation.
I receive a significant amount of correspondence from IRA beneficiaries due to the complexity of the regulations. Below is a summary of the current state of the rules as of May 2024.
The regulations changed significantly under the SECURE Act of 2019, which affected beneficiaries who inherited from IRA owners who died in 2020 or later. Designated beneficiaries before 2020 were allowed to stretch their inherited accounts over their life expectancies and had to take annual required minimum distributions (RMDs).
Regulations for designated beneficiaries under the SECURE Act are more complicated. Regulations are based on whether a beneficiary was an eligible designated beneficiary or a non-eligible designated beneficiary. (Note: Again, these rules do not apply to those who inherited IRAs prior to 2020.)
A surviving spouse is considered an EDB; as is a minor child under 21 (but not a grandchild). Chronically ill or disabled individuals, and anyone not more than 10 years younger than the deceased IRA owner also qualify as EDBs. All others are categorized as NEDBs.
Ford’s memo offers a look into how heavily the automaker is leaning on suppliers for help with EVs. It comes even as many of those suppliers grapple with dramatically lower volumes and production delays.