WASHINGTON, D.C. — Government watchdog Accountable.US condemns the 5th U.S. Circuit Court of Appeals ruling that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional – a case filed by the payday lending industry in a targeted attempt to undermine the power of the CFPB.
This ruling comes as a new Accountable.US analysis of the political contributions to Judge Cory Wilson during his time as a Mississippi state representative reveals that the banking industry donated at least $10,500 to his campaign war chest.
The payday industry’s baseless case against the CFPB shows just how far predatory lenders are willing to go to avert any accountability for their abusive practices. It’s no surprise this lawsuit was brought by an industry with an ax to grind against the CFPB after facing numerous fines for mistreating consumers – nor that it was advanced by a Judge who’s taken thousands from the banking industry that too is determined to weaken the Bureau’s authority. The financial services industry’s relentless attacks on the CFPB prove its work protecting consumers is more vital than ever.”
Liz Zelnick, A.US’ Director of Economic Security and Corporate Power
This decision comes as business groups like the U.S. Chamber of Commerce are frantically trying to weaken the agency’s enforcement power by filing a lawsuit to reverse its new crackdown on discrimination in the industry.