WASHINGTON, D.C. — In response to today’s oral arguments at the United States Supreme Court in Consumer Financial Protection Bureau v. Community Financial Services Association, Demand Progress Education Fund Communications Director Maria Langholz issued the following statement:
“This case has always been a cynical attempt by payday lenders to sabotage the CFPB, so they can go back to preying on American consumers. They went forum shopping to find a panel of right-wing Fifth Circuit judges willing to entertain the fringe legal theories they presented before the Supreme Court today. The judges’ radical, unfounded arguments, if upheld, would allow unscrupulous creditors to wreak havoc on hardworking Americans and threaten to throw the entire financial regulatory system into chaos.
“We hope the Supreme Court will expeditiously overturn the Fifth Circuit’s radical ruling. For the past twelve years, the CFPB has been a fierce defender of consumers, and a decision favoring the CFPB will preserve stability in the marketplace and allow the CFPB to continue its important work protecting the American people.”