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.
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.
Washington, D.C. — The Consumer Financial Protection Bureau (CFPB) proposed rulemaking to require that regulated nonbank entities annually register with the CFPB regarding their use of specific terms and conditions in form contracts for consumer financial products and services, will reinforce the agency’s ongoing efforts to bring transparency and accountability on how financial industries operate, according to Americans for Financial Reform Education Fund and consumer coalition advocates.
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.
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.