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.
AFR led a letter signed by 84 national, state, and local groups ranging from civil rights, consumer protection, labor unions, antitrust, and general public interest groups voicing our collective support for the work and mission of the CFPB. In the letter we highlight the importance of an agency dedicated solely to consumer protection and the work the CFPB has done to make customers whole after harm was done. We again push back on the agenda to limit the agency’s effectiveness by subjecting the agency to annual appropriations, changing its leadership structure to a commission, and the most recent proposal to raise the asset threshold for companies under the CFPB’s supervision to $50 billion from the current $10 bn threshold.
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.
News Release: A Wave of Pro-CFPB Amicus Briefs Demonstrate Overwhelming Support for the CFPB’s Constitutionality
Washington, D.C. – Hundreds of public interest groups, lawmakers, constitutional law scholars and more filed amicus briefs with the Supreme Court this week in support of the Consumer Financial Protection Bureau (CFPB) in the case, CFPB v. CFSA, which the Supreme Court will review this fall.
The Fifth Circuit’s radical and unprecedented decision in the case of CFPB vs. CFSA, if confirmed, would undermine the critical work carried out by the CFPB in protecting consumers and enforcing regulations on Wall Street and predatory lenders, according to an amicus brief filed by consumer advocates.
News Release: Solicitor General’s Brief Condemns Fifth Circuit’s Unconstitutional Decision Against the CFPB
Washington, D.C. – The Solicitor General submitted today a brief supporting the Consumer Financial Protection Bureau (CFPB) in the case CFPB v. CFSA. The Supreme Court will hear the case this fall, reviewing a radical and unprecedented Fifth Circuit decision that held the CFPB’s funding structure unconstitutional and sided with predatory pay-day lenders over CFPB rulemaking designed to protect consumers.
AFREF joined a comment letter that strongly supports the CFPB’s proposed safe harbor of $8 for credit card late fees. The CFPB provided ample evidence that this amount is fair, reasonable, and proportional to the costs incurred by issuers for late payments.
AFR, Center for Responsible Lending and Consumer Federation of America led a letter to Congress opposing a package of bills that undermine the CFPB.
Washington, D.C. – The Consumer Financial Protection Bureau’s final rule implementing Section 1071 of the Dodd-Frank Act will allow better enforcement of fair lending laws and help increase access to sustainable credit for small businesses and women- and minority-owned small businesses in particular.
Washington, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a policy statement on how it defines prohibited abusive conduct against consumers.