FOR IMMEDIATE RELEASE

October 26, 2022

CONTACT:
Carter Dougherty
(202) 251-6700
carter@ourfinancialsecurity.org

MEDIA ADVISORY

Experts discuss judicial attempt to destroy CFPB funding

WHAT: Remarks and Q&A with prominent experts on the attempt by the Fifth Circuit Court of Appeals to destroy the funding mechanism Congress created for the agency.

WHO: 

Deepak Gupta, Supreme Court advocate and appellate attorney, on the extreme nature of the court ruling

Kathleen Engel, law professor and expert in housing finance, on how the ruling could upend consumer finance markets 

Dalié Jímenez, law professor and former CFPB staff, on how the ruling is already complicating the agency’s mission to protection consumers

WHEN: Wednesday, October 26th, at 2:30 PM

WHERE: Zoom Webinar. For registration click here.

BACKGROUND:

A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled on Wednesday, Oct. 19, that the funding mechanism for the CFPB, which draws money from the Federal Reserve, violates the Appropriations Clause of the Constitution. That decision, the result of a lawsuit by the payday lending industry, overturned part of the CFPB’s high-cost lending rule but also cast a legal shadow over a vital part of the Dodd-Frank law that created the agency after the 2008 financial crisis and Great Recession. The CFPB has faced sustained legal attacks by Wall Street and predatory lenders since its inception.

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About Americans for Financial Reform Education Fund

Americans for Financial Reform Education Fund is a nonpartisan and nonprofit coalition of more than 200 civil rights, consumer, labor, business, investor, faith-based, and civic and community groups. Learn more at www.ourfinancialsecurity.org