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Ranking Member Waters' Statement on Supreme Court’s Decision to Hear CFPB Constitutionality Case

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Supreme Court’s announcement that it will review the Fifth Circuit’s ruling in the case of Consumer Financial Protection Bureau v. Community Financial Services Association of America.

“The Consumer Financial Protection Bureau is a popular and widely supported agency, as it is the only federal agency tasked solely with protecting consumers in the financial marketplace. I am pleased the deeply flawed ruling made last year by a panel of right-wing, conservative judges on the Fifth Circuit will be reviewed by the Supreme Court. As even the Fifth Circuit panel conceded, their ruling was way outside the mainstream of legal opinion as all other courts, including the D.C. Circuit, have clearly established that CFPB’s funding structure is constitutional. Not only that, but the CFPB’s funding structure is not novel; Congress has authorized similar funding systems for many federal agencies, including the Federal Reserve Board and other federal banking regulators.

“The Fifth’s Circuit’s decision last year was a direct attack on consumers and the safeguards that protect them in our nation’s ever-evolving financial system. While the role of CFPB has always been critical, the urgent work the CFPB has done in the past year has been especially effective in protecting consumers. This includes the agency’s successful efforts to combat excessive junk fees, relieve the burden of medical debt on consumer credit reports, combat housing discrimination, hold large financial institutions, like Wells Fargo, accountable for repeatedly harming consumers, and so much more. I urge the Supreme Court to make the right decision, and allow the CFPB to continue its important mission of protecting and standing up for our nation’s consumers.”


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