Conservatives hope Supreme Court defangs US consumer watchdog
Conservatives hope Supreme Court defangs US consumer watchdog
The U.S. Consumer Financial Protection Bureau is currently pursuing nearly two dozen lawsuits accusing prominent defendants including Fifth Third Bank , TransUnion and Moneygram of financial misconduct.
The U.S. Consumer Financial Protection Bureau is currently pursuing nearly two dozen lawsuits accusing prominent defendants including Fifth Third Bank (FITB.O), TransUnion (TRU.N) and Moneygram of financial misconduct. But the watchdog's future may be in peril thanks to a case now before the U.S. Supreme Court.
The agency's 300-plus enforcement actions from 2012-22 have delivered $16 billion of relief to American consumers, drawn in part from a $3.7 billion settlement last year with Wells Fargo (WFC.N), according to CFPB data.
Yet as it continues to police financial wrongdoing, the CFPB faces an existential threat in the case pursued by two trade groups representing the payday loan industry to be argued before the justices on Oct. 3 - the second day of the Supreme Court's new term - that could grind the agency's operations to a halt.
Established to curb predatory lending following the 2008 global financial crisis, the CFPB under an arrangement designed by congressional Democrats draws money annually from the U.S. Federal Reserve rather than budgets passed by Congress. The justices will weigh a challenge to this funding structure that could starve the agency's coffers and place its existing rules on shaky legal ground.
Just another example where Conservatives are showing that they don't give one fuck about the Average American. Big money or GTFO is their motto.
CFPB is a policing body. I guess they don't count as part of the "Back the Blue". Look who's defunding the police now...
We all know the only difference here...
police prey on minorities and the poor.
cfpb helps protects them against corporations that do that.
And all those "Temporarily Embarrassed Millionaires" will continue to vote for them.
i'm working on my second million here.......
(i gave up on the first one)
Developments within my lifetime seem to suggest any US consumer watchdog groups were long ago defanged.
Correct. By conservatives. As long as conservatives exist, we just can't have nice things.
Social contract is unraveling.
It is always doing that.
And as union membership rises the sense of American community will redevelop. And it will bring about yet another age of churches and secular community groups.
Fear not. Re-writing the social contract is required long before Americans will adopt amendments to their national document.
But it will happen. These legs of ours have miles in them, yet.
Your hope is a refreshing addition to all of these doom-and-gloom comments. 👍🏻
Payday loan scum are the worst.
Remember when Elizabeth Warren was set to run Consumer Protection under Obama? Republican Senators bitched and moaned and wouldn't let her get nominated. So she ran for office and ended up becoming one of them. She got the ultimate revenge. Duckworth did the same thing.