Appeals court upholds CFPB's constitutional funding.

The U.S. Court of Appeals for the 2nd Circuit has upheld the constitutionality of the Consumer Financial Protection Bureau (CFPB), in contrast to the 5th Circuit's decision that the agency was unconstitutional. The 5th Circuit's decision would destabilize the economy, crashing the housing market and triggering a bank panic that would make the 2008 recession look like child's play. The Supreme Court will review the 5th Circuit's decision next term, but in the meantime, banks are getting nervous, and Republicans are trying to exploit the uncertainty to defund and deregulate financial watchdogs.