[link removed] [[link removed]] Hi John,
I’m Donald Sherman, CREW’s Executive Director. Sometimes CREW’s work can seem abstract, but I want to tell you about a case that shows the harm that conflicts of interest can have on regular people.
Recently, the Consumer Financial Protection Bureau issued a rule that capped late fees that banks can impose on consumers at $8, bringing fees down from an average of $32. It would mean major savings for low-income borrowers.
But a consortium of banking industry trade associations — including the American Bankers Association, the Consumer Bankers Association and the Chamber of Commerce — immediately sued to block the regulation.
Now, the case is in the hands of Trump-appointed 5th Circuit Court of Appeals Judge Don Willett. The problem is that Willett’s most recent financial disclosure report lists $30,000 worth of shares in Citigroup, the nation’s fourth largest bank and third-largest credit card issuer.
After the CFPB raised concerns about Judge Willett’s participation in the case given the clear conflict of interest, Willett argued that there was no need to recuse himself as Citigroup wasn’t a named party to the case, and wasn’t listed on the boilerplate “Certificate of Interested Parties” form that the parties filed on appeal.
But John, Citigroup is a member of three of the trade associations challenging the rule that would save Americans money.
And as Senator Elizabeth Warren recently pointed out, “Citigroup is projected to be hit hardest by the CFPB rule the Chamber’s suit aims to block, with analysts indicating the rule would reduce the company’s earnings per share by 6.4%.”
Sure seems like a conflict of interest to me.
But a panel of judges from the Judicial Conference looked into the matter and said the rules don’t “require” Judge Willett’s recusal from the case – instead, recusal is up to Willett himself.
John, situations like this are precisely why CREW has long advocated for enhancing judicial financial conflict of interest rules. We shouldn’t allow judges themselves to be the ones deciding their own ethics standards.
CREW has been at the forefront of the fight for this reform – testifying before the Senate Judiciary Committee in support of Supreme Court ethics, recusal and transparency – but we need your help in this fight.
If you can, please support CREW’s fight for judicial ethics reform with a donation today → [[link removed]]If you've saved your payment information with ActBlue Express, your donation will go through immediately:
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This current system clearly does not work, and will continue to further strain the public’s trust in our judiciary. Judicial ethics reforms can no longer be just a proposal — the time for action is now.
Thanks for reading,
Donald Sherman
Executive Director
CREW
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