The Second Circuit Court of Appeals today unanimously declared the funding structure of the Consumer Financial Protection Bureau (CFPB) is constitutional, rejecting the Fifth Circuit Court’s ruling in CFPB v. CFSA and writing that it “cannot find any support” for the Fifth Circuit’s ruling in Supreme Court precedent.
AFR and partners submitted a letter to the House Financial Services Committee in opposition to the TABS Act.
AFREF joined two letters – one to the Internal Revenue Service (IRS) and Department of Treasury, and one to the Consumer Financial Protection Bureau (CFPB) – urging the Biden-Harris Administration to do more to relieve medical debt for tens of millions of people. The letters, signed by more than 60 organizations, include specific executive actions the administration can take to address medical debt.
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.
Washington, D.C. – The Supreme Court’s decision to take up a case in which the Fifth U.S. Circuit Court of Appeals attacked the funding mechanism of the Consumer Financial Protection Bureau recognizes that the lower court has produced a decision threatening consumers, honest businesses, and the financial system itself.
Washington, D.C. – A new plan from the Consumer Financial Protection Bureau (CFPB) announced today should save real people real money – $9 billion each year – by capping the late charges that credit card companies impose on customers. But the consumer agency also faces an existential threat that the Supreme Court may soon address.
Washington, D.C. – The record Consumer Financial Protection Bureau settlement with Wells Fargo over widespread wrongdoing in providing auto loans, mortgages, and deposit accounts represents an opportunity for all federal regulators to force durable change at the oft-penalized megabank.
A new poll released today shows voters across the political spectrum overwhelmingly back the mission of the Consumer Financial Protection Bureau (CFPB), financial regulation generally and a variety of new, specific consumer protections. The findings are released as the Supreme Court is poised to consider a lawsuit from payday lenders that could invalidate the CFPB’s funding mechanism, which would undermine its effectiveness.
AFREF led a letter calling on the U.S. Chamber of Commerce and the banking associations to drop the lawsuit against the CFPB that would allow them to discriminate against similarly situated BIPOC communities. The lawsuit focuses on the Bureau’s warning that the federal prohibition on unfair practices covers discrimination, and that the Bureau will be using its examination authority to look for and address unlawful discrimination in financial services, including in areas outside of lending, The CFPB was well within its authority to take these actions. Discrimination is unfair and unlawful, and it should have no place in our financial system.
It is urgent that the Supreme Court hear the Consumer Financial Protection Bureau appeal of an erroneous decision that declared the funding mechanism of this vital federal agenda unconstitutional.