NCL applauds Supreme Court for siding with consumer protection in upholding CFPB’s constitutionality

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May 16, 2024

Media contact: National Consumers League – Melody Merin, melodym@nclnet.org, 202-207-2831

Washington, DC – The National Consumers League (NCL) is pleased to celebrate the victory for consumers in today’s Supreme Court decision. In upholding the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) funding structure, the Court has rejected extremist legal theories and allowed the agency to continue its important work to maintain a fair financial marketplace and promote economic and racial justice.

“The Supreme Court delivered a blow to the payday lending industry who challenged the CFPB’s funding for their own commercial gain. This is good news for consumers across the country,” said Sally Greenberg, NCL’s CEO. “The Court’s ruling clears a cloud over agency’s work and makes clear that financial regulators will not be gutted on behalf of special interests.”

The Bureau’s funding structure was key to its independence from short-term political agendas, similar to the Federal Reserve Board and other key regulators. Without the CFPB, consumers would be vulnerable to a slew of junk fees, predatory collection practices, and unfair application processes for some of their biggest financial decisions.

Further reading:

  • NCL statement on Fifth Circuit decision to invalidate CFPB’s independence
  • NCL applauds the CFPB’s effort to prohibit junk fees in financial services
  • NCL supports CFPB’s proposal to remove medical debt from credit reports
  • NCL applauds decisive action by CFPB against fraudulent payments processor
  • NCL supports confirmation of Rohit Chopra as CFPB director
  • Leading consumer groups call on FTC and CFPB to update study on accuracy of consumer data

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About the National Consumers League (NCL)

The National Consumers League, founded in 1899, is America’s pioneer consumer organization.  Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad.  For more information, visit nclnet.org.