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US Supreme Court dismisses appeal against CFPB

The U.S. Supreme Court dismissed Texas-based State National Bank of Big Spring's appeal against the structure of the U.S. Consumer Financial Protection Bureau, Reuters reported.

According to the report, the appeal was related to the powers of the bureau's director, which were thought to be in violation of the U.S. Constitution's provision that allows a president to appoint or remove certain federal officials.

A decision in the bank's favor would have allowed a president to remove the bureau's director for any reason, according to the news outlet.