By John Kruzel WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau is currently pursuing nearly two dozen lawsuits accusing prominent ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSWASHINGTON - The U.S. Consumer Financial Protection Bureau is currently pursuing nearly two dozen lawsuits accusing prominent defendants including Fifth Third Bank, TransUnion and Moneygram of financial misconduct. But the watchdog's future may be in peril thanks to a case now before the U.S. Supreme Court.
A ruling is expected by the end of June. The court's 6-3 conservative majority has limited the regulatory power of federal agencies in a series of rulings in recent years. The agency's supporters have said unraveling protections safeguarded by the CFPB would leave consumers vulnerable to deceptive and abusive practices by lenders and debt collectors.
Many Republicans have opposed the agency from the start, saying it wields too much power and burdens banks and other lenders with unnecessary red tape. The case stems from a 2018 lawsuit by the Community Financial Services Association of America and the Consumer Service Alliance of Texas, representing the payday loan industry.
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