Washington, DC – Today, in response to the DC Circuit of the U.S. Court of Appeals’ decision to grant the Consumer Financial Protection Bureau’s (CFPB) petition to hear PHH Corporation vs. CFPB en banc, NCRC’s President and CEO John Taylor made the following statement.
“We applaud the Court’s decision to allow the CFPB’s petition for a rehearing in the PHH case. Over the past five years of its existence, the CFPB and its director, Richard Cordray, have achieved tremendous successes in ensuring the safety and soundness and transparency in our financial system, enforcing fair lending and protecting consumers from unscrupulous financial practices.
“Changing the single director structure of the CFPB and the independence of the agency runs the risk of undermining all of these gains. Despite today’s decision, the great work and the role of this critical regulator hangs in the balance. Recent efforts coming out of Congress to weaken the Bureau’s independence by altering its leadership and sources of funding remain a serious threat to the health of our economy. Now is the time to stand strong and defend the CFPB, and ensure that financial markets continue to work for consumers, responsible providers, and the economy as a whole.”
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 development.