Advocacy Group Calls for Supreme Court Action on Consumer Bureau Case

Advocate Andy

Americans for Financial Reform issues call for Supreme Court to take action to protect independence of CFPB

Consumer finance advocacy group Americans for Financial Reform (AFR) is calling for action from the U.S. Supreme Court on a recent 5th Circuit Court of Appeals decision that threatens the funding of the Consumer Financial Protection Bureau (CFPB).

The 5th Circuit Court of Appeals recently heard a case brought by a trade association representing payday lenders that questioned the funding for the CFPB. The Court found in favor of the plaintiffs and said the CFPB's funding scheme violates the U.S. Constitution. If that decision is followed, the CFPB would be subject to the political decision-making process of Congress.

Americans for Financial Reform is supporting an effort to have the U.S. Supreme Court hear the case and make a decision in favor of consumers.

“The Fifth Circuit’s ruling, which threatens other federal agencies as well, was not simply wrong on the merits,” said Elyse Hicks, consumer policy counsel at Americans for Financial Reform. “It undercuts CFPB work in enforcing existing laws and has created economic uncertainty for providers of financial services and everyday consumer. The Supreme Court should reverse this decision as soon as possible.”

The urging from AFR comes after the U.S. Solicitor General petitioned the Supreme Court to review the case.

Specifically, the Solicitor General, on behalf of CFPB, petitioned the Supreme Court for writ of certiorari to review the judgment of the United States Court of Appeals for the Fifth Circuit case.

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Andy Spears is a middle Tennessee writer and policy advocate. He reports on news around public policy issues - education, health care, consumer protection, and more.

Nashville, TN
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