Tag Archives: Defend the CFPB

Media Advisory: Experts discuss judicial attempt to destroy CFPB funding  

Remarks and Q&A with prominent legal experts on the extreme attempt by the Fifth Circuit Court of Appeals to overturn CFPB’s payday lending rule and destroy the funding mechanism Congress created for the agency, a step that threatens to unleash chaos in consumer finance markets and inhibit the agency’s work in protecting consumers.

News Release: 5th Circuit Court of Appeal’s Decision on CFPB Funding is an Outrageous Undermining of Consumers’ Rights

On Wednesday, October 19, 2022, a three-judge panel in the 5th U.S. Circuit Court of Appeals agreed with the payday lenders trade association in ruling that the CFPB’s funding structure is unconstitutional because it does not go through Congressional appropriations. This line of attack toward the CFPB – via its funding – has nothing to do with actually caring about the constitution and everything to do with the big banks and predatory lenders trying to escape the oversight and enforcement actions of an agency focusing on protecting and defending consumers.

sign for the CFPB outside a building

News Release: Consumer Advocates Urge CFPB to Protect Consumers From “Junk Fees”

WASHINGTON – In response to the Consumer Financial Protection Bureau’s (CFPB) call for public input on how to save Americans billions in junk fees charged by financial companies, leading consumer advocacy organizations submitted an extensive comment letter detailing junk fees across a wide range of consumer financial products and services. The letter was submitted by Americans for Financial Reform (AFR), the Center for Responsible Lending (CRL), Consumer Federation of America (CFA), the National Community Reinvestment Coalition (NCRC), and National Consumer Law Center (NCLC) (on behalf of its low-income clients). 

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Joint Statement: Sen. Jeff Merkley, Rev. Willie Gable Jr. Condemn Ongoing Sabotage of CFPB, Demand Pres. Trump Nominate Consumer Advocate as Director

“Under the Trump administration, the Consumer Financial Protection Bureau has become the Payday Predator Protection Bureau,” said Sen. Jeff Merkley (D-Oregon). “Trump and his allies are blatantly trying to dismantle the bureau from the inside. If this isn’t a crystal clear example of the Trump administration governing of, by, and for the powerful rather than of, by, and for the people, then I don’t know what is.”