Tag Archives: CFPB

In The News: Supreme Court rebuffs challenge to consumer protection agency (NBC)

Sen. Elizabeth Warren, D-Mass., who proposed that the bureau be created and helped set it up, welcomed the decision in a celebratory appearance outside the Supreme Court building… Consumer advocates and financial services industry critics expressed relief about Thursday’s ruling. “This decision removes a major threat to the agency’s work and reaffirms the independence that allows it to continue standing up for the public interest against abusive financial practices,” said Lisa Donner, executive director of Americans for Financial Reform Education Fund.

Event: Senator Warren, AFR, Celebrate Victory in CFPB Case on Supreme Court Steps

Americans for Financial Reform joined Sen. Elizabeth Warren and other coalition members on the steps of the Supreme Court Thursday to celebrate the Court’s favorable ruling in CFPB vs. CFSA, a case in which the payday lending lobby, with the support of Wall Street, sought to destroy the funding mechanism of the Consumer Financial Protection Bureau.

sign for the CFPB outside a building

News Release: Stay of CFPB Late Fees Rule Denies Consumers Needed Protection

The decision by a federal judge in the Fifth Circuit to stay a rule capping credit card late fees is a blow not only to consumers but to the rule of law as right-wing jurists resort to increasingly extreme measures to block sensible regulation. The Consumer Financial Protection Bureau on March 5 finalized a regulation that caps credit card late fees at $8 in most cases, down from a typical $32. The rule is expected to save consumers about $10 billion each year, an average savings of $220 per year for the more than 45 million people who are charged late fees. The rule only applies to the largest credit card issuers, and was to have taken effect May 14.

News Release: Committee Majority Lines up with Wall Street in Vote to Roll Back Late Fee Cap

The House Financial Services Committee voted to overturn a regulation capping credit card late fees, putting a majority of its members squarely on the side of big banks that have ripped off consumers for years. The new rule, finalized by the Consumer Financial Protection Bureau on March 5, would reduce the typical late fee on credit cards from $35 to $8, saving consumers $10 billion each year. For the 45 million households that pay late fees, that amounts to an annual savings of $220.

News Release: Payday Lender, Eastman Briefs Highlight Weak Legal Case Against CFPB

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. 

CFPB

Letters to Congress: Letter in Support of the CFPB

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. 

Blog: Awaiting the Supreme Court Hearing, the CFPB Continues to Defend Consumers

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.