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WASHINGTON, D.C. – During oral arguments today in the U.S. Supreme Court in Consumer Financial Protection Bureau (CFPB) vs Community Financial Services Association of America (CFSA), the predatory lender plaintiffs faced ‘broad skepticism’, including from conservative Justices, on their meritless challenge to the CFPB’s independent funding structure which mirrors funding mechanisms used since the republic’s very founding.

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The predatory lending industry clearly struggled to convince even conservative Justices that the constitution is on their side in their bid to kill the CFPB’s independence – a key element of the financial industry’s end goal of defunding the agency and leaving consumers vulnerable to industry abuse,” said Accountable.US’ Liz Zelnick, the government watchdog group behind the ‘Defend American Consumers’ Campaign. “The final decision now rests with the Supreme Court: either side with predatory lenders and convicted criminals that want to roll back consumer protections for millions of Americans -- or side with the constitution and consumers by affirming a strong and independent CFPB."

“The hostility exhibited towards the CFPB by the MAGA House Majority that has taken millions of dollars from the financial industry makes clear they would defund the agency the first chance they get if the Supreme Court gives them that power,” added Zelnick.

Predatory Lenders Met With ‘Frosty Skepticism’: 

  • Bloomberg Law: Supreme Court Justices Signal Support for CFPB’s Funding System: US Supreme Court justices suggested they aren’t likely to upend the work of the Consumer Financial Protection Bureau, voicing broad skepticism about arguments that its funding system violates the Constitution.Hearing arguments in Washington Tuesday, even some of the court’s conservative justices indicated they are inclined to back the agency, set up after the 2008 financial crisis to regulate mortgages, auto loans, credit cards and other consumer-finance products.
  • NBC News: Challenge to consumer watchdog gets a frosty reception at the Supreme Court
  • Los Angeles Times: Supreme Court sounds skeptical of lenders’ challenge to Obama-era consumer protection bureau

MORE FROM ACCOUNTABLE.US: 

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