Payday lenders oppose quick Supreme Court review of CFPB ruling

The U.S. Supreme Court should not rush a decision about whether to consider a federal appeals court ruling that found the funding mechanism for the CFPB unconstitutional, an attorney for the Community Financial Services Association of America (CFSA) told the court.

“It is neither necessary nor appropriate to resolve the significant and novel questions presented here” in the coming months, Noel Francisco, an attorney with Jones Day told the court.

Francisco was solicitor general in the Trump Administration.

But the CFPB and Biden Administration are arguing that the court should consider the case soon because the appeals court ruling has been disruptive for the entire financial services industry.

 

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