Summary
“This case is the latest pernicious attack on consumer protections from a rogues gallery of financial predators who miss the old days when there wasn’t a strong watchdog standing between them and our wallets,” National Community Reinvestment Coalition President and CEO Jesse Van Tol said.
Both the law and the stability of the entire US financial system require overturning an absurd legal attack on federal regulators, civil rights and consumer advocacy organizations wrote Monday in an amicus brief to the Supreme Court.
The brief filed in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFA) details the many flaws in the radical and unprecedented Fifth Circuit ruling recently taken up by the Supreme Court.
“This case is the latest pernicious attack on consumer protections from a rogues gallery of financial predators who miss the old days when there wasn’t a strong watchdog standing between them and our wallets,” National Community Reinvestment Coalition President and CEO Jesse Van Tol said. “If upheld, the lower court’s ruling in CFPB v. CFA would harm consumers nationwide, with especially grave effects in marginalized communities. It would also punish honest businesses – and risk throwing the entire economy into paralyzing chaos. That’s why NCRC and our members join in this amicus brief: to ensure the Court hears what’s really at stake for everyday people and for employers.”
The CFPB’s funding structure mirrors that of the Federal Reserve and other regulatory bodies. Its Constitutional authority is clear. The arguments otherwise have no legal merit. The case is one component in a broader bad-faith attack upon the strongest ally that the American consumer has in Washington, as NCRC experts have previously noted.
