In a landmark ruling, the U.S. Supreme Court has determined that the funding mechanism for the Consumer Financial Protection Bureau (CFPB) does not violate the Constitution. The decision was announced today in Washington, D.C.
Reacting to the verdict, Devon Ombres, senior director for Courts and Legal Policy at the Center for American Progress, said: "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."
Ombres also noted that this judgment overturns a previous extreme opinion from the 5th Circuit Court of Appeals. He suggested that this earlier decision could have potentially jeopardized the entire financial regulatory system and caused turbulence in financial markets.
"The CFPB stands to continue fighting to protect the American people from corporate bad actors, fraudsters, and scammers," Ombres added.
For more information or to speak with an expert on this matter, please contact Sam Hananel at [email protected].
