Consider This from NPR The CFPB On Trial
Oct 3, 2023
Scott Horsley, NPR's chief economics correspondent and former White House reporter, dives into the critical Supreme Court case that could reshape the Consumer Financial Protection Bureau (CFPB). He discusses the CFPB's origins after the 2008 financial crisis and its role in protecting consumers from predatory lending. The conversation highlights the legal concerns surrounding the agency's funding structure and the challenges it faces from payday lenders. Horsley vividly illustrates the stakes involved for both consumers and the future of financial regulation.
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Glover's CFPB Experience
- Philip Glover, a corrections officer, successfully used the CFPB twice.
- The CFPB resolved billing disputes with a plumbing company and a phone company.
CFPB's Role and Criticism
- The CFPB handles thousands of daily complaints, acting as a financial watchdog for families.
- Republicans criticize its regulations and accountability, while Democrats, like Senator Warren, champion its consumer protection role.
Payday Lenders' Challenge
- Payday lenders challenge the CFPB's funding mechanism in the Supreme Court.
- They argue its funding, derived from banking fees and not annual appropriations, is unconstitutional.