Court Decision Gives Hope That CFPB Will Remain Independent
Statement of Robert Weissman, President, Public Citizen
Note: Today, an appeals court granted the U.S. Consumer Financial Protection Bureau’s (CFPB) request to reconsider an October decision, which held that the agency’s structure is unconstitutional because its director isn’t sufficiently answerable to the president.
At the time of the D.C. Circuit decision, we said the ruling threatened the ability of the CFPB to be a tough protector of consumer interests. Today’s decision by the D.C. Circuit to review that earlier decision en banc gives hope that the earlier flawed decision will be reversed.
It’s plain enough what’s at stake: Will the agency that in a few short years has saved consumers $12 billion – and deterred a slew of rip-offs, scams and schemes that banks and financial predators avoided for fear of the CFPB – be able to continue to do its job? Or will the big banks get their way and have the agency neutered?