Payday lending group asks SCOTUS to undo CFPB enforcement actions

Source: Alison Frankel, Reuters

The drama over the constitutionality of the Consumer Financial Protection Bureau (CFPB) took another surprise turn earlier this week, when a Mississippi payday lender, All American Check Cashing, filed a petition asking the U.S. Supreme Court to grant review of its constitutional challenge to the CFPB before the 5th U.S. Circuit Court of Appeals issues an opinion in the case. All American’s lawyers are asking the Supreme Court for more than just a ruling that the CFPB’s unusual structure is unconstitutional. Their petition also argues that the justices can only cure the bureau’s constitutional defect with a drastic remedy: undoing CFPB enforcement actions or even striking down the law that created the bureau.

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