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.
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.
WASHINGTON-D.C. — A lawsuit filed by the Wall Street lobby attempts to use the increasing corrosion of the judiciary by right-wing judges to enshrine in law a right to discriminate, according to Americans for Financial Reform, a broad coalition of organizations that includes civil rights and racial justice groups.
WASHINGTON-D.C. — The irony of the U.S. Chamber of Commerce, which has numerous corporate lawbreakers among its members, complaining about a government agency busting corporate lawbreakers is almost too thick for words.
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).
Joint Letters: More than 300 national, state and local organizations urge opposition to bringing CFPB funding under the Appropriations process
AFR and more than 300 organizations urge members of Congress to oppose any poison pill financial reform policy riders, whether to put the CFPB under the normal Appropriations process, otherwise weaken the authority, structure or independence of the CFPB.
“The administration’s budget and Mick Mulvaney’s ‘strategic plan’ for the CFPB are transparent attempts to stop the agency from doing what it was designed to do: actually protect consumers.”said Lisa Donner, executive director, Americans for Financial Reform.
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.”
“A federal regulator announced new restrictions Thursday on the payday lending industry, a move that is likely to face resistance in Congress. The Consumer Financial Protection Bureau’s finalized rules largely reflect what the agency proposed last year. They are the first nationwide regulation of the industry, which had largely been left to the states.”