A statement from the National Community Reinvestment coalition on today's Supreme Court decision to hear Consumer Financial Protection Bureau v. Community Financial Services Association.
In response to the Supreme Court’s decision to grant a petition for certiorari in Consumer Financial Protection Bureau v. Community Financial Services Association, National Community Reinvestment Coalition General Counsel Brad Blower released the following statement:
“After years of cynical and calculated legal assaults on the Consumer Financial Protection Bureau by the financial sector, the decision by the Fifth Circuit Court of Appeals threatens to put much of the modern American economy into debilitating chaos. The Supreme Court’s decision today to review the case recognized its obligation to resolve that confusion. It is essential that the justices reject the plainly flawed logic that one federal appellate court applied to question the constitutionality of the agency’s power to protect the American people from unfair, deceptive and abusive practices.
“The agency’s funding structure as created by Congress in the Dodd-Frank Act in 2010 is clearly constitutional. The Supreme Court should give this case the serious, objective and scrupulous review the American people deserve. The justices should preserve the authority of the only federal agency exclusively tasked with protecting consumers – not only because it is in the best interest of the American people, but because it is indisputably the right interpretation of the law.”