Judge Cory Wilson testifies during his Senate Judiciary Committee confirmation hearing in Washington, D.C. on May 20, 2020. (Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images)
Judge Who Ruled Against CFPB Took Thousands in Wall Street Campaign Cash: Watchdog
"The financial services industry's relentless attacks on the CFPB proves its work protecting consumers is more vital than ever," said one advocate.
The federal judge who ruled this week that the Consumer Financial Protection Bureau's funding structure is unconstitutional was a longtime recipient of campaign cash from Wall Street bankers--including several whose banks were held accountable by the bureau for abusive practices--a government watchdog revealed Wednesday.
Accountable.US released an analysis of campaign contributions received by Judge Cory Wilson of the 5th U.S. Circuit Court of Appeals between 2014 and 2018, when he was a Republican candidate and member of the Mississippi House of Representatives.
According to the group, Wilson took at least $10,500 from Wall Street bankers.
The analysis was released a day after Wilson handed down a ruling in a case filed by payday lending groups against the CFPB. The judge claimed in his decision that it is unconstitutional for the CFPB to be funded by the Federal Reserve System rather than by Congress, drawing condemnation from Sen. Elizabeth Warren (D-Mass.) and other consumer advocates.
The case "shows just how far predatory lenders are willing to go to avert any accountability for their abusive practices," said Liz Zelnick, director of economic security and corporate power for Accountable.US. "It's no surprise this lawsuit was brought by an industry with an ax to grind against the CFPB after facing numerous fines mistreating consumers."
Beyond that, Zelnick added, the group's findings regarding Wilson's financial ties to the industry CFPB regulates shows the case "was advanced by a judge who's taken thousands from the banking industry that too is determined to weaken the bureau's authority."
As the Revolving Door Project at the Center for Economic and Policy Research noted, Wilson's contributions included at least $2,500 from Trustmark National Bank, which was recently fined by the CFPB for discriminatory practices.
"The financial services industry's relentless attacks on the CFPB proves its work protecting consumers is more vital than ever," said Zelnick.
Urgent. It's never been this bad.
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission from the outset was simple. To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It’s never been this bad out there. And it’s never been this hard to keep us going. At the very moment Common Dreams is most needed and doing some of its best and most important work, the threats we face are intensifying. Right now, with just three days to go in our Spring Campaign, we're falling short of our make-or-break goal. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Can you make a gift right now to make sure Common Dreams not only survives but thrives? There is no backup plan or rainy day fund. There is only you. —Craig Brown, Co-founder |
The federal judge who ruled this week that the Consumer Financial Protection Bureau's funding structure is unconstitutional was a longtime recipient of campaign cash from Wall Street bankers--including several whose banks were held accountable by the bureau for abusive practices--a government watchdog revealed Wednesday.
Accountable.US released an analysis of campaign contributions received by Judge Cory Wilson of the 5th U.S. Circuit Court of Appeals between 2014 and 2018, when he was a Republican candidate and member of the Mississippi House of Representatives.
According to the group, Wilson took at least $10,500 from Wall Street bankers.
The analysis was released a day after Wilson handed down a ruling in a case filed by payday lending groups against the CFPB. The judge claimed in his decision that it is unconstitutional for the CFPB to be funded by the Federal Reserve System rather than by Congress, drawing condemnation from Sen. Elizabeth Warren (D-Mass.) and other consumer advocates.
The case "shows just how far predatory lenders are willing to go to avert any accountability for their abusive practices," said Liz Zelnick, director of economic security and corporate power for Accountable.US. "It's no surprise this lawsuit was brought by an industry with an ax to grind against the CFPB after facing numerous fines mistreating consumers."
Beyond that, Zelnick added, the group's findings regarding Wilson's financial ties to the industry CFPB regulates shows the case "was advanced by a judge who's taken thousands from the banking industry that too is determined to weaken the bureau's authority."
As the Revolving Door Project at the Center for Economic and Policy Research noted, Wilson's contributions included at least $2,500 from Trustmark National Bank, which was recently fined by the CFPB for discriminatory practices.
"The financial services industry's relentless attacks on the CFPB proves its work protecting consumers is more vital than ever," said Zelnick.
- 'Lawless and Reckless': Warren Condemns Fifth Circuit Attack on CFPB ›
- Consumer Advocates Applaud as Federal Court 'Yet Again' Finds CFPB's Funding Constitutional ›
- Federal Judge Blocks CFPB Rule Aimed at Preventing Discrimination by Small Business Lenders ›
- CFPB Has Returned $240 Million to Constituents of GOP Lawmakers Attacking Agency ›
The federal judge who ruled this week that the Consumer Financial Protection Bureau's funding structure is unconstitutional was a longtime recipient of campaign cash from Wall Street bankers--including several whose banks were held accountable by the bureau for abusive practices--a government watchdog revealed Wednesday.
Accountable.US released an analysis of campaign contributions received by Judge Cory Wilson of the 5th U.S. Circuit Court of Appeals between 2014 and 2018, when he was a Republican candidate and member of the Mississippi House of Representatives.
According to the group, Wilson took at least $10,500 from Wall Street bankers.
The analysis was released a day after Wilson handed down a ruling in a case filed by payday lending groups against the CFPB. The judge claimed in his decision that it is unconstitutional for the CFPB to be funded by the Federal Reserve System rather than by Congress, drawing condemnation from Sen. Elizabeth Warren (D-Mass.) and other consumer advocates.
The case "shows just how far predatory lenders are willing to go to avert any accountability for their abusive practices," said Liz Zelnick, director of economic security and corporate power for Accountable.US. "It's no surprise this lawsuit was brought by an industry with an ax to grind against the CFPB after facing numerous fines mistreating consumers."
Beyond that, Zelnick added, the group's findings regarding Wilson's financial ties to the industry CFPB regulates shows the case "was advanced by a judge who's taken thousands from the banking industry that too is determined to weaken the bureau's authority."
As the Revolving Door Project at the Center for Economic and Policy Research noted, Wilson's contributions included at least $2,500 from Trustmark National Bank, which was recently fined by the CFPB for discriminatory practices.
"The financial services industry's relentless attacks on the CFPB proves its work protecting consumers is more vital than ever," said Zelnick.
- 'Lawless and Reckless': Warren Condemns Fifth Circuit Attack on CFPB ›
- Consumer Advocates Applaud as Federal Court 'Yet Again' Finds CFPB's Funding Constitutional ›
- Federal Judge Blocks CFPB Rule Aimed at Preventing Discrimination by Small Business Lenders ›
- CFPB Has Returned $240 Million to Constituents of GOP Lawmakers Attacking Agency ›