June 21, 2018
Decision Holding CFPB Unconstitutional Is Contrary to Controlling Supreme Court Precedent
Statement of Robert Weissman, President, Public Citizen
Note: Today a judge for the U.S. District Court for the Southern District of New York ruled that the structure of the U.S. Consumer Financial Protection Bureau (CFPB) is unconstitutional.
We expect this erroneous decision to be overturned on appeal. Applying longstanding U.S. Supreme Court precedent, the en banc D.C. Circuit Court of Appeals correctly ruled earlier this year that the CFPB’s structure is constitutional. Congress created the CFPB to protect American consumers from big banks and financial industry rip-offs, which is why the financial industry is working so hard to destroy the agency.