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Payday Predators Fail to Slow Activist Consumer Bureau

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Payday Predators Fail to Slow Activist Consumer Bureau

CFPB fights on ahead of potential funding threat from new Congress

Andy Spears
Nov 14, 2022
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Payday Predators Fail to Slow Activist Consumer Bureau

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While a court decision from the 5th Circuit threatens to undermine the Consumer Financial Protection Bureau’s (CFPB) independence, the aggressive consumer protector shows no signs of slowing down.

Advocate Andy
Advocates Speak Out as Consumer Bureau Faces Payday Predator Attack
While the Consumer Financial Protection Bureau (CFPB) saw a recent setback in federal court as representatives of the payday loan industry won a legal challenge to the regulatory body’s funding mechanism, the fight is not over, and consumer advocates are pushing back…
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7 months ago · 1 like · Andy Spears

Jason Mikula of Fintech Business Weekly notes that the CFPB has actually stepped up its activities recently, possibly attempting to gain as much traction as possible on key issues before a new Congress threatens the agency’s funding.

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The CFPB isn’t letting the potentially existential threat posed by constitutional challenges to its funding mechanism to slow it down. In fact, the risk of having its budget subject to the Congressional appropriations process — potentially by a Republican-controlled House — seems to be encouraging the consumer protection bureau to double down on its various initiatives.

Some examples of current CFPB action include taking on credit bureaus over weak responses to consumer complaints, diving into the crypto mess, and continuing to press banks to eliminate “junk fees,” including excessive overdraft charges.

two silver swords on shield
Photo by Patrick Hendry on Unsplash

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Payday Predators Fail to Slow Activist Consumer Bureau

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