FOR IMMEDIATE RELEASE
March 23, 2023
Contact: Izzy Woodruff | 202-898-1661 | firstname.lastname@example.org
NFHA Applauds Second Circuit Court’s Ruling Affirming Constitutionality of CFPB Funding Structure
Washington, D.C. — Today, the U.S. Court of Appeals for the Second Circuit unanimously ruled that the Consumer Financial Protection Bureau (CFPB)’s funding structure does not violate the Constitution’s appropriations clause. NFHA’s Executive Vice President, Nikitra Bailey, issued the following statement applauding the Court’s finding:
“Today’s ruling by the Second Circuit is welcome news for all who champion the CFPB’s important role in ensuring fair treatment for all and protecting consumers’ financial interests. Over the years, the CFPB has faced numerous baseless attacks, solely aimed at gutting the agency to prevent it from protecting everyday consumers from powerful financial interests. Today, the Second Circuit reaffirmed what we already know: the CFPB’s legitimacy is incontrovertible, and its funding structure is similar to funding structures at other banking regulators. Furthermore, the CFPB’s enforcement actions have been extremely effective at holding financial institutions accountable and returning billions of dollars in relief to victims of financial abuse. The agency’s work is crucial in staving off another Great Recession, which eroded the wealth of Black and Latino consumers by $1 trillion. As we await the Supreme Court’s review of the Fifth Circuit’s erroneous ruling against the CFPB in October 2022, we sincerely hope the Justices will ultimately reverse the Fifth Circuit’s ruling, once and for all ensuring that the CFPB is able to continue independently as an advocate for and protector of everyday consumers.”
The National Fair Housing Alliance (NFHA) is the country’s only national civil rights organization dedicated solely to eliminating all forms of housing and lending discrimination and ensuring equal opportunities for all people. As the trade association for over 170 fair housing and justice-centered organizations and individuals throughout the U.S. and its territories, NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.