Public Justice Statement on Supreme Court’s Ruling on CFPB Structure
This morning, the U.S. Supreme Court struck down the structure of the Consumer Financial Protection Bureau – with an independent director that can’t be fired by the president – as unconstitutional.
Public Justice Executive Director Paul Bland had this reaction:
“A politically independent Consumer Financial Protection Bureau is critical for ensuring that the rights of consumers are not subject to the influence of well-moneyed lobbying campaigns and the interests of political contributors. Today’s U.S. Supreme Court ruling, unfortunately, eliminates that safeguard and, as a result, undermines consumer confidence in the agency’s ability to be fair and independent.
While we appreciate the Court leaving the CFPB itself intact, recent experiences have shown the necessity of placing an independent watchdog in charge, and not a political appointee whose primary allegiance is to the President, rather than the people the agency is entrusted to protect.
Despite today’s ruling, future Presidents will have an opportunity to restore faith in the CFPB by following that blueprint and appointing a consumer advocate, rather than just a White House ally, to helm the agency. Doing so will help the CFPB once again be a fierce and respected champion of consumers’ rights.”
