The judge who ruled the Consumer Financial Protection Bureau unconstitutional got $10,500 in campaign donations from the same businesses that just got a bigger return via his ruling.
October 22, 2022

The judge who ruled the Consumer Financial Protection Bureau unconstitutional got $10,500 in campaign donations from the same businesses that just got a bigger return via his ruling.

The ruling was handed down by a panel of Trump-appointed judges on the conservative Fifth Circuit Court of Appeals last week. The court is “often actively sought out by right-wing lawyers and corporate interests looking for a friendly audience,” Common Dreams noted. That cohort must be happy now.

More from Common Dreams:

Wednesday's decision, which stems from a case brought by payday lending groups, deems the CFPB's structure unconstitutional because it receives funding through the Federal Reserve System rather than Congress, a design that was aimed at ensuring the watchdog agency's independence.

While the case focused specifically on the bureau's Payday Lending Rule, the panel's decision could have sweeping implications for the CFPB's ability to issue any rules aimed at shielding consumers from corporate abuses.

Politico described the ruling as “the latest victory for the finance industry, which has fought for years in Congress and the courts to blunt the CFPB’s reach and limit its ability to police financial services.” It also noted that “Republican lawmakers have also worked for years to stifle the CFPB and revamp its structure, arguing the agency lacks accountability.”

Surely one member of that last group is Judge Cory Wilson, the Fifth Circuit judge who wrote the decision. Common Dreams found, via Accountable.us, that when Wilson was a candidate and a member of the Mississippi House of Representatives, he received at least $10,500 from Wall Street bankers, “including several whose banks were held accountable by the CFPB.” That includes at least $2,500 from Trustmark National Bank, which was recently fined by the CFPB for discriminatory practices.

Sen. Elizabeth Warren, one of the bureau’s founders, blasted the decision. But she also pointed out that its logic threatens other federal protections and safety nets.

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