Organizations ask Supreme Court to invalidate CFPB’s actions
Payday lenders are pushing for the highest court to rule that the agency does not have the ability to enforce anything.
If the structure of the CFPB is unconstitutional, as the Trump Administration admits, the agency’s enforcement actions since it was formed should be invalidated, a payday lender contends.
All American Cash Checking and Mid-State Finance, Mississippi-based company is asking the U.S. Supreme Court not only to rule on the constitutionality of the agency, but to rule that its actions are invalid.
“It matters little if this Court declares the CFPB unconstitutional but prevailing challengers, such as All American, receive no meaningful relief in their case,” the company’s attorneys, who include former Solicitor General Theodore Olson, said, in asking the court to take up their case.
In 2016, the CFPB, under the former Director Richard Cordray, filed suit against the companies and its owner, Michael Gray, contending that the companies and Gray committed abusive and deceptive acts and practices in their business.
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