Consumer Watchdog Under Attack

Will payday predators prevail against key regulator?

Photo by Artur Tumasjan on Unsplash

The Consumer Financial Protection Bureau (CFPB) was designed to be an independent regulator protecting consumers in the financial marketplace.

This includes working to address issues around banking, credit, lending, and other key financial transactions.

The agency has been aggressive of late, taking strides to address issues around credit reporting, junk fees, overdraft fees, and deceptive marketing and lending practices.

Report: College Students Face High Fees on Banking Products Marketed by Schools They Attend | Advocate Andy | NewsBreak Original

Regions Bank Ordered to Pay Nearly $200 Million in Penalties for Surprise Overdraft Fees | Advocate Andy | NewsBreak Original

Hello Digit Fined $2.7 Million by Consumer Bureau | Advocate Andy | NewsBreak Original

Now, the agency is coming under fire from the trade association that represents payday lenders.

Jason Mikula of Fintech Business Weekly reports that the 5th Circuit Court of Appeals ruled in favor of payday predators in a move that could significantly restrain the reach of the CFPB.

But now, the consumer protection agency faces a potentially…