Consumer Financial Protection Bureau

Statement of Consumer Federation of America Supreme Court Granting Cert in CFPB Case

Washington, D.C. – Today, the U.S. Supreme Court granted the Solicitor General’s cert petition on behalf of the Consumer Financial Protection Bureau (CFPB) in CFSA vs. CFPB. This cert petition appeals a Fifth Circuit Court of Appeals ruling that found the CFPB’s independent funding structure unconstitutional.

“This erroneous ruling has widespread consequences for consumers and the CFPB’s ability to do its critically important job,” said Rachel Gittleman, Financial Services Outreach Manager with Consumer Federation of America. “It also creates an unprecedented amount of uncertainty in the marketplace and has the potential to destabilize other parts of the federal government that also rely on an independent funding structure, including Social Security, Medicare, and most federal financial regulators. This decision could create chaos in the marketplace and the broader economy at a time when consumers are already struggling with rising interest rates and record levels of inflation. The Supreme Court should reverse the Fifth Circuit decision for the sake of consumers and the economy.”