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Exclusive report: The “financial motive” behind SCOTUS situation targeted at killing customer bureau

Many amicus briefs urging Supreme Court to gut CFPB had been driven by clear “financial motive, ” watchdog says

The great majority of amicus briefs filed to get case trying to gut the customer Financial Protection Bureau (CFPB) arrived from events having an “axe to grind” up against the agency, in accordance with a written report because of the federal federal government watchdog team Allied Progress that has been supplied solely to Salon.

The CFPB, that has collected a lot more than $12 billion for customers from organizations accused of wrongdoing that it was unconstitutional for the CFPB to have an independent director who can only be removed “for cause” by the president, according to CNBC after it was created in the wake of the 2008 financial crisis, could be dissolved entirely after Seila Law, a law firm that ran afoul of the agency, argued.

Kathleen Kraninger, the Trump-appointed CFPB manager, notified lawmakers a year ago that she will never protect the constitutionality of her place when you look at the Seila Law v. CFPB instance, prompting Democrats to just simply take within the court battle. Home Democrats filed an amicus brief in protection of this CFPB a week ago. The attorneys joined them basic of 24 states in arguing that the agency should endure.

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