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FILE PHOTO: Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo

The U.S. Supreme Court is currently deciding the fate of the Consumer Financial Protection Bureau’s independence following a lawsuit brought by the predatory payday loan industry with an ax to grind against the agency that stands up for consumers and is not for sale to corporations. Ahead of oral arguments in the case, 132 congressional Republicans filed an amicus brief in July endorsing the top payday trade group Community Financial Services Association of America (CFSA)’s meritless lawsuit challenging the constitutionality of the CFPB’s funding structure. Following the recent FEC deadline for political contributions in the third quarter of 2023, a new analysis from government watchdog Accountable.US found the payday loan industry rewarded amicus brief signers with at least $82,500 in campaign checks in the weeks and months after signing the brief.

The payday loan industry is hedging its bets in Congress in its long-time effort to defund and defund the CFPB as their case was met with ‘broad skepticism’ in the Supreme Court, especially as the CFPB’s independent funding structure mirrors funding mechanisms used since the republic’s founding – crushing claims the agency is not constitutional.

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