{"id":2054913,"date":"2023-10-04T08:07:01","date_gmt":"2023-10-04T12:07:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lenders-urge-supreme-court-to-strike-down-consumer-financial-protection-bureau\/"},"modified":"2023-10-04T08:10:16","modified_gmt":"2023-10-04T12:10:16","slug":"lenders-urge-supreme-court-to-strike-down-consumer-financial-protection-bureau","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lenders-urge-supreme-court-to-strike-down-consumer-financial-protection-bureau\/","title":{"rendered":"Lenders urge SCOTUS to scrap CFPB."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Flenders-urge-supreme-court-to-strike-down-consumer-financial-protection-bureau%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2054913&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<h2>The Payday Lending Industry Urges Supreme Court \u200cto Strike Down Consumer Financial\u2063 Protection Bureau<\/h2>\n<p>The payday\u2064 lending \u200dindustry is making a\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nyt-defends-mara-gays-disturbing-american-flags-statement-social-media-pounds-them\/\" title=\"NYT Defends Mara Gay\u2019s \u2018Disturbing\u2019 American Flags Statement. Social Media Pounds Them.\">bold move<\/a>, urging the U.S. Supreme Court to declare the Consumer Financial Protection Bureau (CFPB) \u2064unconstitutional. They\u2064 argue that the funding mechanism authorized by Congress \u2064to \u200csupport the \u2064powerful\u2064 regulator is unorthodox and violates the Constitution.<\/p>\n<p>This appeal presents an opportunity \u200dfor the court&#8217;s conservative\u200d majority \u200bto continue their \u2063campaign against \u200cthe so-called administrative state by limiting the authority of regulators. It&#8217;s a chance for them to\u2064 make a significant impact and reshape the landscape of financial regulation.<\/p>\n<p>Financial sector\u200c insiders are concerned about the potential upheaval that could occur if \u200dthe Supreme Court rules the funding mechanism \u2063as unconstitutional. The\u2063 consequences could be far-reaching and affect the entire American economy.<\/p>\n<\/blockquote>\n<h2>Related Stories<\/h2>\n<ul>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/us\/supreme-court-case-about-financial-regulator-sparks-industry-anxiety-5498257?<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jacob-siegel-on-disinformation-the-hoax-of-the-century-part-1\/\" title=\"Jacob Siegel discusses disinformation and refers to it as the 'Hoax of the Century' in Part 1.\">ea_src=author_manual&#038;ea_med=related_stories<\/a>&#8220;>Supreme Court Case About Financial Regulator \u2063Sparks Industry Anxiety<\/a><\/h3>\n<p>10\/2\/2023<\/p>\n<\/li>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/us\/cfpb-employee-sent-data-on-256000-consumers-to-personal-email-5210421?ea_src=author_manual&#038;ea_med=related_stories\">CFPB Employee Sent\u2064 Data\u200d on \u2063256,000 Consumers to Personal Email<\/a><\/h3>\n<p>4\/20\/2023<\/p>\n<\/li>\n<\/ul>\n<p>Attorney Robert Loeb, representing the Mortgage Bankers Association, the\u200d National Association of Home Builders, and the \u200bNational Association of\u200d Realtors, filed \u2064a friend-of-the-court brief in support of striking down the CFPB. He warns that the real estate and\u2064 mortgage\u200c industries, which are vital to the economy, could face severe repercussions if the Supreme Court \u2063rules against them.<\/p>\n<p>The Supreme Court recently heard oral arguments in the case, known as CFPB v.\u2062 Community Financial Services Association of America (CSFA). The case challenges the constitutionality of the CFPB&#8217;s funding mechanism.<\/p>\n<p>The CFPB, \u2064created in 2010 as a response to the\u2063 financial crisis, regulates consumer financial products such as credit cards, mortgages, and car loans. Democrats argue that the \u2063CFPB serves as a necessary \u200dcheck on corporate power, while Republicans accuse \u200cthe agency of \u2064overreach.<\/p>\n<p>The funding mechanism in question was designed \u2064to maintain the agency&#8217;s independence. However,\u200c the U.S. Court of Appeals\u200c for the 5th Circuit\u200c deemed it\u200b unconstitutional,\u200b stating that it violates the appropriations clause of the Constitution. This clause\u200c ensures that Congress has \u2062exclusive power\u2064 over the federal purse.<\/p>\n<p>The CFSA, representing payday lenders, sued the CFPB\u200d over a rule\u200c that prevented lenders from making \u200cmultiple attempts to withdraw payments from borrowers&#8217; \u200bbank accounts. Payday loans, which are short-term and \u2064high-interest, are popular among borrowers with bad credit.<\/p>\n<p>The Supreme Court&#8217;s decision in this case could \u2063have\u2063 far-reaching implications for the balance of \u2063power between the \u200cbranches of government and the \u2064future of financial regulation in the United States.<\/p>\n<p> <\/p>\n<h2>How do you fight payday loans?<\/h2>\n<p><span>How to Beat Payday Loan Debt Collectors\u2062 Pay Off the Debt, File for Bankruptcy, Ask the Bank to\u2062 Cancel\u200c Continuous\u2064 Payment\u200d Authority, Check for Errors Made By Debt Collectors,\u2063 Get to \u2064Know the Fair Debt Collection Practices \u2062Act, Negotiate the Debt, You Can&#8217;t Win \u2062If\u2063 You Don&#8217;t Appear\u2062 in Court, What is \u2063SoloSuit? P:\/\/www.theepochtimes.com\/us<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lenders-urge-supreme-court-to-strike-down-consumer-financial-protection-bureau\/\" title=\"Lenders urge SCOTUS to scrap CFPB.\">\/payday-lending-industry-makes-bold-move-challenges-consumer-financial-protection-bureau-constitutionality-5498241<\/a>?ea_src=author_manual&#038;ea_med=related_stories&#8221;>Payday Lending Industry\u2062 Challenges \u200cConstitutionality of Consumer Financial Protection Bureau<\/a><\/h3>\n<p>10\/2\/2023<\/p>\n<\/li>\n<\/ul>\n<h2>The Payday Lending Industry\u200c Urges Supreme Court \u200cto Strike Down Consumer Financial\u2063 Protection Bureau<\/h2>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warrens-controversial-financial-agency-unconstitutional-court-rules\/\" title=\"Elizabeth Warren\u2019s Controversial Financial Agency Unconstitutional, Court Rules\">payday lending industry<\/a> has taken a bold \u2063step\u2062 and urged the \u2064U.S. Supreme Court \u2064to declare the \u200cConsumer Financial Protection Bureau (CFPB) unconstitutional. In their argument, \u2062they assert that \u200dthe\u200c funding \u2063mechanism authorized by\u2063 Congress to support the powerful regulator is unorthodox and violates the\u2062 Constitution.<\/p>\n<p>This move by\u200c the payday lending industry presents a unique opportunity for the conservative majority within the Supreme Court to further their campaign against the so-called administrative state. By limiting \u2062the authority of regulators, they can \u2064make a significant impact and reshape the landscape of financial regulation. This appeal could be \u2064a turning point \u200cin the \u2064ongoing battle between\u2063 conservatives \u2064and those advocating for a more \u200crobust regulatory system.<\/p>\n<p>However, the potential consequences of such a ruling are\u2063 causing concern among \u2062financial sector insiders. If the Supreme Court determines the CFPB&#8217;s funding mechanism as unconstitutional, the ramifications could be far-reaching and \u2062affect the entire American economy. The CFPB\u200c plays a\u200c crucial role in \u200cprotecting consumers from\u2063 predatory \u2062lending practices and ensuring fair treatment in the financial marketplace.<\/p>\n<p>By challenging the\u200c constitutionality of the CFPB, the payday lending industry aims to weaken the regulator&#8217;s power and potentially escape increased scrutiny and regulation. This \u2064industry\u2063 has often faced criticism for its high-interest loans and alleged exploitation of vulnerable individuals. \u200bThe outcome of this case could have significant implications not just for payday \u200clenders but for other sectors within\u200d the \u200cfinancial industry as well.<\/p>\n<p>The Supreme \u2063Court&#8217;s decision on this\u200c matter will undoubtedly\u200c have profound implications for the future of financial regulation in the United States. It will shape the\u2063 balance of power between regulators and \u2064the industries they\u200d oversee. The potential consequences of such a ruling must be carefully considered, as\u200d any\u200d upheaval in the financial regulatory\u2062 landscape could have serious effects \u200con the \u2062stability and fairness of the \u2064American economy.<\/p>\n<p>In conclusion, the payday lending industry&#8217;s appeal to the Supreme\u2063 Court to strike down the Consumer \u2063Financial Protection Bureau is a significant development in the ongoing battle over\u200d financial regulation. The outcome \u200cof \u200bthis \u2062case could have far-reaching consequences for both the\u200d industry and consumers. It remains to be seen\u200d how the court will rule and what impact their decision will \u2064have on the future of financial regulation in the United \u200cStates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The payday lending industry wants the U.S. Supreme Court to invalidate the CFPB, claiming its funding method is unconstitutional. This appeal allows the conservative majority to limit the power of the administrative state and continue their campaign.<\/p>\n","protected":false},"author":168,"featured_media":2054914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2054913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2054913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/168"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2054913"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2054913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2054914"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2054913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2054913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2054913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}