NFHA Statement After Supreme Court Rejects Challenge to Consumer Financial Protection Bureau Funding Structure

FOR IMMEDIATE RELEASE
May 16, 2024
Contact: Janelle Brevard | jbrevard@nationalfairhousing.org

NFHA Statement After Supreme Court Rejects Challenge to Consumer Financial Protection Bureau Funding Structure

Washington, D.C. — The National Fair Housing Alliance® (NFHA™) released the following statement from Executive Vice President Nikitra Bailey in response to the Supreme Court rejecting a challenge to the Consumer Financial Protection Bureau (CFPB) funding structure.

“Today’s 7-2 ruling by the United States Supreme Court is a victory for consumers and sends a resounding message once and for all that the CFPB’s legitimacy is incontrovertible. For more than two years, opponents – led by payday lenders – have steered ongoing attacks to undermine the agency’s legitimacy and efficacy. NFHA was one of the key leaders that worked to create the CFPB after the Housing Crisis of 2008 ravaged communities of color and triggered the Great Recession, resulting in a loss of $1 trillion in wealth for Black and Latino households. Because of the impact of the crisis, NFHA played a leading role in developing the CFPB’s Office of Fair Lending and Enforcement. Time and again, the CFPB has unequivocally demonstrated the importance of its mission through groundbreaking efforts, such as enforcement actions that have provided billions of dollars in relief to millions of victims of financial abuse, robust regulations that protect consumers in today’s complex financial environment and leading-edge research that provides insights into consumer financial behavior. The CFPB has played and will continue to play an indispensable role in our communities.

“The industry giants tried to go unchecked, but today, fairness won, and that’s a victory for all people and families.”

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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. Through its homeownership, credit access, tech equity, education, member services, public policy, community development, and enforcement initiatives, NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.