WASHINGTON, D.C.— Anton Becker, Communications Director for Better Markets, issued the following statement in response to the Supreme Court’s ruling in favor of the Consumer Financial Protection Bureau (CFPB).

“Today’s 7-2 victory is a massive win for Main Street and a major blow to financial interests looking to rip off hard-working Americans. The CFPB is the federal government’s most meaningful attempt in generations to protect individuals from predatory practices in the financial markets. The agency is under relentless attack by the financial industry and its allies precisely because it has been so effective at combating predatory and discriminatory practices by a broad swath of lenders, having returned billions of dollars to victimized consumers.  As we pointed out in an amicus brief last year, sidelining the CFPB entirely or undermining its independence would sharply curtail if not eliminate protections for millions of Americans, harming all consumers but especially communities of color that are targeted by unscrupulous actors.

“The Fifth Circuit’s decision had been widely criticized because the court ignored the plain language of the Constitution, ample precedent, and Congress’s long-established use of similar funding mechanisms for a host of other agencies, including the Fed and other banking regulators. The overwhelming victory in this case shows the troubling bias in the 5^th Circuit, that even a conservative Supreme Court could not accept.

“With this case behind the CFPB, it’s time for lawmakers, regulators, and the courts to support the CFPB’s mission of protecting Main Street Americans, rather than standing in its way with frivolous legal challenges.”

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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.