Washington helped weaken the predatory payday loan industry, but now it is planning a comeback by going after the Consumer Financial Protection Bureau.
Back in October, the U.S. Supreme Court heard oral arguments in Consumer Financial Protection Agency v. Community Financial Services Association. To most, the case might seem exceptionally dry, involving rather arcane arguments regarding Congress’s appropriation powers. However, its implications are vast and depending how the Supreme Court rules, it could usher in a major recession. ...