WASHINGTON – The  U.S. Court of Appeals for the D.C. Circuit ruled Tuesday that the Consumer Financial Protection Bureau’s (CFPB) structure is constitutional and that the CFPB director can only be removed by the president for cause. John Taylor, President & CEO of the National Community Reinvestment Coalition, made the following statement:

“This is a bright victory in a dark time for the CFPB. This decision reaffirms and protects the most powerful attribute of the agency – its independent authority to regulate the financial services industry and prioritize consumer protection above Wall Street greed.
In any administration and under any Congress, this decision would be a victory for consumers. It is especially important now because the agency has a part-time interim director who also reports full time to President Trump as director of the Office of Management and Budget. It’s time for President Trump to appoint a permanent director who can act independently and on behalf of consumers.”

For media inquiries please contact:

Jesse Meisenhelter

jmeisenhelter@ncrc.org

202-464-2737

 

About NCRC

NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business.

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