May 16, 2024

Brown Reacts to Supreme Court Decision to Uphold the CFPB

WASHINGTON, DC – Today, U.S. Senator Sherrod Brown, Chairman of the Senate Committee on Banking, Housing and Urban Affairs released the following statement on the United States’ Supreme Court decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, to uphold the funding structure of the Consumer Financial Protection Bureau (CFPB).

“Wall Street tried to use the courts to kill the Consumer Financial Protection Bureau, and they failed. Powerful corporate special interests know the CFPB stands up to them, which is why they have been trying to gut the agency for over a decade. Today’s decision protects workers and consumers who don’t have high-paid lobbyists and lawyers to fight their battles for them. We created the CFPB to be their voice, and I will continue to ensure the agency is able to do its job protecting consumers from Wall Street greed.”

When Congress established the CFPB after the 2008 financial crisis, it structured the CFPB’s funding to remain independent from unpredictable annual funding cycles, just like other financial regulators. Brown joined Congresswoman Maxine Waters in an amicus brief calling for the CFPB to be protected and urged the court to protect the CFPB ahead of oral arguments.