Washington, D.C. — Briefs filed by the payday lending lobby and John Eastman, the lawyer who tried to help former President Trump overturn the 2020 election, highlight the extremely weak legal case that this predatory industry has against the funding of the Consumer Financial Protection Bureau, a vital federal agency that polices the financial services market on behalf of everyday people.
Despite being in a legal fight for its very existence, the Consumer Financial Protection Bureau continues to carry out its mission to promote fairness and transparency in our financial system and ensure that consumers are protected from predatory and deceptive practices. Its ability to perform under pressure is one more reason why we need a strong CFPB.
The gravity of what will be a landmark Supreme Court case involving the funding of independent agencies has become increasingly apparent to observers of the judiciary. Numerous media reports have highlighted how the case, aimed at the Consumer Financial Protection Bureau, threatens to upend the funding for many federal agencies, above all the Federal Reserve.