NFHA Statement on Supreme Court Decision to Review Fifth Circuit Court Opinion About CFPB Funding
FOR IMMEDIATE RELEASE
February 27, 2023
Contact: Izzy Woodruff | 202-898-1661 | iwoodruff@nationalfairhousing.org
Washington, D.C. — Today, the U.S. Supreme Court announced that it will accept the Consumer Financial Protection Bureau (CFPB)’s request to review an October 2022 ruling by the U.S. Court of Appeals for the Fifth Circuit that found, in an unusual opinion, the CFPB’s funding mechanism to be unconstitutional. NFHA’s Executive Vice President, Nikitra Bailey, issued the following statement on the Court’s announcement:
“The Supreme Court’s decision to review the Fifth Circuit Court case underscores the importance of the issue at hand. When NFHA and partners helped create the CFPB following the 2008 financial crisis and Great Recession, we did so to ensure that consumers — particularly Black and Latino consumers who lost $1 trillion in wealth — had a federal regulator standing up for them in the face of financial giants whose predatory power was virtually unchecked. The Fifth Circuit Court’s incorrect assertion that the CFBP’s structure violates the Constitution’s Appropriations Clause is just one more assault in a long line of attacks against the consumer protection agency, seeking to undermine its legitimacy. But the CFPB’s legitimacy is incontrovertible, and its funding structure is not unlike that of other banking regulators. Most importantly, the agency’s enforcement actions have provided billions in relief to victims of financial abuse. As our nation’s first financial regulator explicitly working to ensure fair financial treatment for all Americans, the CFPB plays an indispensable role in our society. We urge the Supreme Court to reverse the lower court’s ruling so that the CFPB can remain independent and continue to protect consumers.”
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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. 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.