March 23, 2023

Brown Applauds Second Circuit Ruling on CFPB

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Second Circuit ruled that the Consumer Financial Protection Bureau's (CFPB) funding structure is constitutional.

“Today, in a step forward for consumers and working families, the Second Circuit unanimously ruled that the CFPB’s independent funding is constitutional, rejecting the Fifth Circuit’s deeply flawed ruling,” said Brown. “Congress created the CFPB and modeled its independent funding structure after other financial regulators like the OCC, NCUA, FDIC, and the Federal Reserve. The events of the past month have shown how important independently funded financial regulators are to a stable and healthy economy. I’ll keep fighting to make sure that the CFPB can continue its important work protecting consumer’s money and creating an economy that works for families.”

Senator Brown has long fought for the CFPB. He blasted the Fifth Circuit’s ruling in October and joined House Financial Services Chair Maxine Waters in a vow to block anti-consumer bills introduced by House Republicans.