October 21, 2022

Statement from Senator Brown on the Fifth Circuit CFPB Opinion

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 Fifth Circuit determined the Consumer Financial Protection Bureau's (CFPB) funding structure unconstitutional:

Today, the Fifth Circuit chose to favor Wall Street over consumers. After more than a decade of coordinated and sustained attacks on consumers, and repeated failures to weaken the CFPB, big corporations and anti-consumer interests have turned to the courts to incapacitate the only financial agency that specifically looks out for consumers. Congress deliberately ensured the independent funding of the CFPB, so that the consumer watchdog could protect consumers and help create an economy that centers working families. It is not a coincidence that, while other financial regulators like OCC, FDIC, NCUA, and the Federal Reserve all have independent funding structures, Wall Street chose to attack the one financial regulator charged with protecting consumers. Today's decision is another attack on consumers, but I will fight to ensure the CFPB will keep the authorities granted by Congress.