WASHINGTON, D.C.— Legal Director and Securities Specialist Stephen Hall issued the following statement on a new Better Markets Fact Sheet ahead of oral argument in the Consumer Financial Protection Bureau v. Community Financial Services Assoc. of Am., Ltd., No. 22-448.
“As the Supreme Court hears oral argument today in Consumer Financial Protection Bureau v. Community Financial Services Assoc. of Am., all Americans should recognize what’s at stake. The challenge to the CFPB’s funding in the Supreme Court case is a major assault that threatens the existence of the agency and its ability to continue protecting Americans from financial predators. It evens threatens to upend other critical financial regulators, such as the Federal Reserve, with similar funding models. Why is the financial industry coming after the CFPB? Our fact sheet shows that the CFPB is one of the most effective consumer protection agencies in the history of financial regulation.
“Through its many enforcement actions, the CFPB has returned more than $17 billion dollars to wronged consumers in just 12 years since its founding. It has also strengthened the rules of the road, establishing guardrails applicable to banks and other financial firms for the benefit of the millions of Americans who depend on a variety of financial products and services. Every American with a credit or debit card, savings or checking account, student loan, or virtually any other financial product should understand how the CFPB has stood up to powerful financial interests to protect Main Street.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.