FOR IMMEDIATE RELEASE
June 29, 2020
Supreme Court Sides With Industry Seeking to Weaken CFPB
Statement from Linda Jun, senior policy counsel, Americans for Financial Reform Education
In the wake of the destruction caused by the last financial crisis, Congress created an independent cop on the beat focused solely on protecting consumers in the financial marketplace. As reflected in our amicus brief and our work, Americans for Financial Reform Education Fund and the broader community focused on consumer financial protection, including consumer advocates, civil rights organizations, and grassroots groups, have been committed to the CFPB’s independence from the beginning because we believe that an independent regulator more insulated from political pressures will lead to the best outcomes for consumers.
With today’s decision in Seila Law v. CFPB, the Supreme Court has chosen to ignore Congressional intent to maximize the bureau’s independence to best protect the American public from harm. Instead, the Court has sided with those who have spent the last decade trying to undermine the CFPB’s effectiveness and weaken its authority, efforts that have often been led by the industries the agency is charged with regulating.
We are disappointed that the Court has decided to undermine the independence of the CFPB’s structure and increase political influence over its work. Along with our allies, we will continue to engage with the CFPB to push for strong protections against abusive practices and effective consumer protections, and hold the bureau accountable to its statutory mission.