Jack Reed: “the Military Officers Association of America and a dozen veterans organizations have validated the CFPB's strong track…”

“the Military Officers Association of America and a dozen veterans organizations have validated the CFPB's strong track record. In their words: All told, the CFPB has become an indispensable agency for protecting the legal rights and financial readiness of servicemembers, veterans, and their families. The stability of the CFPB's funding is therefore vital to the tremendous work it does on [their] behalf. Finally, let me add that it is not just average Americans who will be put at risk. Responsible lenders will lose the protections of the regulatory safe harbors created by the CFPB. These rules essentially protect the industry against the risk of enforcement, so long as they play by the rules and provide standardized disclosures in plain English. Those responsible actors in our financial system, who extend credit on fair terms and deal honestly with their customers, have a lot to lose. It all adds up to this: The Fifth Circuit's decision prioritizes the interests of predatory lenders over responsible lenders, relies on falsehoods over facts, and chooses chaos over stability. That is certainly not what any court should be doing. I hope sincerely that the Supreme Court reverses the Fifth Circuit's dangerous decision. I hope it recognizes that this is not about expensive lawyers and trade associations and big businesses. This is about Americans, many of them wearing the uniform of our country. They deserve the sympathy and the support of the Court.…”