Velázquez’s Statement on Supreme Court Ruling on CFPB Funding Structure

Washington, D.C.-Today, Congresswoman Nydia M. Velázquez (D-NY) released this statement following the Supreme Court’s decision to uphold the funding structure for the Consumer Financial Protection Bureau (CFPB) in the case of Consumer Financial Protection Bureau v. Community Financial Services Association of America:

            “The CFPB was created under the Dodd-Frank Act in the aftermath of the 2008 financial crisis, when it became clear that the federal government was not doing enough to protect consumers from unfair, deceptive, and abusive practices in the financial services industry. Since its creation, the CFPB has emerged as consumers’ ‘cop on the beat’, returning billions of dollars to Americans wronged by financial companies. Through CFPB’s work, the bureau has secured over $20 billion in monetary compensation, principal reductions, canceled debts, and other consumer relief. Simply put, the bureau has delivered for the American people.

            “Despite this vital mission, the CFPB has been under fierce attack from Republicans and their financial industry allies since the day it was created. This assault came to a head when the right-wing Fifth Circuit court ruled the CFPB’s funding authority unconstitutional while acknowledging that their ruling was disconnected from previous court findings. I’m pleased the Supreme Court has recognized the importance of the bureau’s funding structure, which is critical to maintaining its independence. This ruling makes clear that the CFPB is here to stay, and this issue needs to be put to bed so the bureau can continue its vital mission on behalf of the American people.”

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