Payday lenders want Supreme Court to gut the CFPB. They paid $200 million in fines to regulators, records show.

The Supreme Court will hear oral arguments next Tuesday in a case that could reshape the U.S. regulatory state, after a federal appeals court found the funding structure of the Consumer Financial Protection Bureau to be unconstitutional.

If the Supreme Court agrees with the lower court ruling in the case CFPB v. Community Financial Services Association of America, it’s possible that the entire agency may be eliminated by judicial fiat, an outcome that may be very profitable for the payday lending industry.

That’s…