Shares of consumer finance companies, including the parent company of Capital One and Rocket Mortgage, fell Thursday after the Supreme Court ruled that the Consumer Financial Protection Bureau legally provided the funds.
The ruling is a victory for consumer advocates but a setback for conservative groups and the Community Financial Services Association, the industry lobbying group that brought the issue.
very soon…
Shares of consumer finance companies, including the parent company of Capital One and Rocket Mortgage, fell Thursday after the Supreme Court ruled that the Consumer Financial Protection Bureau legally provided the funds.
The ruling is a victory for consumer advocates but a setback for conservative groups and the Community Financial Services Association, the industry lobbying group that brought the issue.
Shortly after midday, Discover Financial Services and Synchrony Financial each fell 1%, and Capital One fell nearly 2%, reversing losses from earlier in the day. Rocket Companies fell as much as 3.5%.
of
S&P500
It rose slightly in Thursday trading.
The CFPB, which was created in response to the 2008-2009 financial crisis, said in a statement that “the court rejected the payday loan lobby's claims and made clear that the CFPB will continue to exist.”
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“Despite the setback from today’s ruling, Republicans will continue the fight to rein in the corrupt CFPB,” said Patrick McHenry, the Republican chairman of the House Financial Services Committee.
(This is breaking news. Check back soon for updates. )
Email Rebecca Ungarino at rebecca.ungarino@barrons.com.
