Washington, D.C. — Today, the U.S. Supreme Court ruled that the funding mechanism for the Consumer Financial Protection Bureau (CFPB) does not violate the Constitution. In response, Devon Ombres, senior director for Courts and Legal Policy at the Center for American Progress, issued the following statement:
This ruling upholds the independent funding structure that has made the CFPB a successful advocate for protecting consumers and holding big banks, payday lenders, and other financial institutions accountable. The justices reversed yet another extreme opinion from the 5th Circuit Court of Appeals that could have placed the entire financial regulatory system at risk and roiled financial markets. The CFPB stands to continue fighting to protect the American people from corporate bad actors, fraudsters, and scammers.
For more information or to speak with an expert, please contact Sam Hananel at [email protected].