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CFPB structure unconstitutional?

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NoMoreE46
Community Leader
Senior Contributor

CFPB structure unconstitutional?

Message 1 of 8
7 REPLIES 7
SweetCreditObsession
Valued Contributor

Re: CFFB structure unconstitutional?

Thank you for posting this.

 

Let's hope these actions don't result in us losing the gains in protections we've enjoyed as consumers.



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Message 2 of 8
Anonymalous
Valued Contributor

Re: CFFB structure unconstitutional?


@SweetCreditObsession wrote:

Thank you for posting this.

 

Let's hope these actions don't result in us losing the gains in protections we've enjoyed as consumers.


I'm not really sure what the CFPB has done. Most of the protections I'm familiar with come from unrelated legislation, like the FCRA.

 

Though the most interesting part of the ruling is the same logic can apply to the Federal Reserve or the FDIC. I don't expect the ruling will be upheld, but that has nothing to do with the actual merits of the argument, and everything to do with the reluctance of the courts to overturn long-standing precedents.

Message 3 of 8
crystal626
Regular Contributor

Re: CFFB structure unconstitutional?

This is a catastrophic failure. If it's allowed to stand, the CFPB will either be shuttered or will be subject to political whims when deciding policy. 

 

As for what have they done? They sure seem quite useful. 

 

https://www.consumerfinance.gov/about-us/blog/celebrating-10-years-consumer-protection/

 

They are the quickest avenue to a resolution of an issue between a creditor and a consumer. The fact that this lawsuit was brought by a group that has been targeted by the CFPB for the way they fleece the public tells you everything you need to know about how much of a thorn in the side they have been. 

Message 4 of 8
805orbust
Valued Contributor

Re: CFFB structure unconstitutional?

Never knew they were funded by the Federal Reserve... 🤮



Message 5 of 8
pizzadude
Credit Mentor

Re: CFPB structure unconstitutional?

I'd expect it will be business as usual at the CFPB, this case will likely continue to bounce around the legal system for years.

 

There are quite a few other articles in the news discussing this decision, many of which are wading into the political arena so I won't post them, but it'll be surprising to me if this decision stands once all the smoke clears.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 8
NoMoreE46
Community Leader
Senior Contributor

Re: CFPB structure unconstitutional?

Looks like the Supreme Couet ruled in favor to keep the CFPB ..

 

 

https://www.nytimes.com/2024/05/16/us/politics/supreme-court-cfpb.html?unlocked_article_code=1.sU0.m...

 


Thanks @SouthJamaica 

 

 

 

Message 7 of 8
SouthJamaica
Mega Contributor

Re: CFPB structure unconstitutional?


@pizzadude wrote:

I'd expect it will be business as usual at the CFPB, this case will likely continue to bounce around the legal system for years.

 

There are quite a few other articles in the news discussing this decision, many of which are wading into the political arena so I won't post them, but it'll be surprising to me if this decision stands once all the smoke clears.


Well @pizzadude your instincts were right. The decision did not stand Smiley Happy

 

https://ficoforums.myfico.com/t5/Credit-in-the-News/Supreme-Court-upholds-funding-of-CFPB/m-p/676141...

 

Thankfully.


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Message 8 of 8
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