Republican AGs Begged SCOTUS to Argue Against CFPB After Taking $7.7M From Financial Industry and CFPB Opponents

WASHINGTON D.C. –  Last week, the U.S. Supreme Court denied a request by 27 Republican Attorneys General to “make their own challenge” to the Consumer Financial Protection Bureau’s funding system – the latest attack in a long-running coordinated right-wing effort to defund, defang and dismantle the nation’s leading consumer advocate. The Republican AGs sought their own spotlight during oral arguments set for October 3rd on a lawsuit brought by the predatory payday loan industry that seeks to gut the CFPB by striking down its independent funding structure and leaving it beholden to the political whims of Congress. A new Accountable.US review found the Republican Attorneys General Association (RAGA) has taken over $7.7 million from anti-CFPB industry groups and right-wing opponents since the original lawsuit was filed in April 2018.

Time and again, Republican AGs have rushed to the defense of their financial industry donors despite their clear objective: leave everyday families vulnerable to tricks, debt traps, discrimination, and outright scams from the likes of predatory lenders, financial fraudsters, and greedy big banks. The case before the Supreme Court could lead to the most devastating rollback of consumer protections in U.S. history.

“For years, Republican AGs have been a major player in a well coordinated effort by the financial industry and politicians in their pockets to stop the CFPB from protecting consumers. They know the CFPB has been so successful in recouping billions of dollars for American families thanks to its independence from industry shills in Congress. They know the current MAGA House Majority is packed with lawmakers on the take from industries with an ax to grind against the CFPB – lawmakers who would defund the agency the first chance they get. The multitude of Republican-led lawsuits and legislation aimed at the CFPB has nothing to do with upholding the constitution – and everything to do with protecting profits of their industry donors even when they fleece vulnerable families,” added Zelnick.

Republican Attorneys General have a long history trying to undermine the CFPB despite its success returning billions of dollars to victims of financial industry abuse. For instance, in September 2022, fourteen Republican state attorneys general filed an amicus brief supporting a lawsuit seeking to reverse the CFPB’s crackdown on illegal discrimination in the financial industry, while raising dubious arguments about the CFPB’s structure and authority. An Accountable.US review found that twelve of the fourteen state attorneys general on this amicus brief took at least $1.93 million in campaign contributions from companies belonging to the U.S. Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association leading the lawsuit. 

 ###