Supreme Court Backs CFPB In Major Victory For Consumers and Fair Markets
Washington, D.C. — In response to news that the Supreme Court of the United States has sided with the Consumer Financial Protection Bureau in CFPB v. CFSA—the payday lending lobby’s legal challenge to the constitutionality of the Consumer Financial Protection Bureau’s funding structure—the American Economic Liberties Project released the following statement.
“The Court’s decision is a huge victory for consumers and fair markets,” said Morgan Harper, Director of Policy and Advocacy at the American Economic Liberties Project. “By upholding the CFPB’s constitutionality and independent funding structure, the Court has affirmed the government’s ability to protect working families from corporate lawlessness, ban deceptive tactics like junk fees, curb exploitative banking practices, and deliver financial fairness and freedom. Despite numerous baseless lawsuits against the Biden administration’s efforts to crack down on lawbreaking corporations, enforcers are not just undeterred—they’re winning. We’re pleased that the CFPB can now fully focus on effectively protecting consumers and promoting fair markets, and hope the business lobby takes this as a warning that their hollow, full-court press legal strategy won’t pan out.”
Read The War on the Consumer Financial Protection Bureau: Community Financial Services of America v. CFPB here.
Learn more about the CFPB’s accomplishments under Director Chopra’s leadership here.
Learn more about Economic Liberties here
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The American Economic Liberties Project works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. Economic Liberties believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.