Payday Lenders Urge Supreme Court to Punt on CFPB Funding Issue

A payday lender trade group asked the Supreme Court to ignore the Fifth Circuit’s ruling on the Consumer Financial Protection Bureau’s funding source and instead focus on another issue in the case regarding lenders’ access to consumers’ bank accounts.

The Community Financial Services Association of America filed the brief Jan. 13, as it awaits the high court’s decision on whether take up the appellate ruling that the CFPB’s independent funding through the Federal Reserve is unconstitutional.

A ruling against the CFPB, should the Supreme Court take up the case, could render the agency unable to operate and throw the consumer ...