Texas Appleseed Press Statement re: CFPB & SCOTUS Announcement

This morning, the U.S. Supreme Court announced that it will grant certiorari in the case Consumer Financial Protection Bureau, et al. v. Community Financial Services Association, et al. This case is important for Texas. The consumer protection rules and standards adopted by the Consumer Financial Protection Bureau (CFPB), as well as the future of the agency, hang in the balance. The greatest irony of this case is that some of the most predatory players in the financial services system, payday and auto title lenders, brought the lawsuit that led to a 5th Circuit Court of Appeals decision finding the CFPB funding structure to be unconstitutional, a decision that is the basis of the current case before the U.S. Supreme Court.

More than 300,000 Texans across the state have turned to the CFPB for help when they experienced mistreatment by financial services providers. The Bureau has been there, offering information, getting responses to complaints, and pursuing bad actors when necessary.  As a result of their diligent work, the CFPB has put more than $14.4 billion in ill-gotten funds back into the pockets of more than 183 million Americans who were cheated or treated in ways that violate the law.

The Consumer Financial Protection Bureau was established in the wake of the greatest financial crisis faced by individuals and communities since the Great Depression. It has upheld its mandate to stand up for people in the face of illegal financial practices. We need a strong and independent CFPB to help balance the scales so that all Texans and all Americans can feel confident that they are getting a fair deal when they use financial services.