Jan. 31, 2018
CFPB’s Independence Upheld in Court – a Victory for Consumers
Statements From Public Citizen Experts
Note: Today, the U.S. Court of Appeals for the District of Columbia upheld the independence of the U.S. Consumer Financial Protection Bureau (CFPB) as well as its single-director structure. In March 2017, Public Citizen, together with the Consumer Federation of America, Consumers Union, the National Association of Consumer Advocates, the National Consumer Law Center and Tzedek DC, filed an amicus brief defending the agency.
“The D.C. Circuit not only upheld the independence of the CFPB, but made clear that its independence is critical to fulfilling its mission of protecting consumers and hardworking families from banks that prey on them through abusive and deceptive practices. To uphold the rule of law and the agency’s mission as an independent agency, President Donald Trump should nominate a new CFPB director in short order.”
– Robert Weissman, president, Public Citizen
“We’re very pleased that the D.C. Circuit today applied long-settled constitutional principles to uphold Congress’ power to create independent agencies to perform important tasks that require expertise and freedom from political interference. Protecting the heads of independent regulatory agencies from being fired without cause by the president has for decades been an accepted way of providing that needed independence. As the court today points out, the independence of agencies such as the CFPB helps ensure that they do their job of protecting citizens against abuse at the hands of unrestrained market forces.”
– Scott Nelson, attorney, Public Citizen Litigation Group