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A Victory for America's Main Street Consumers Ripped Off By Financial Predators

FOR IMMEDIATE RELEASE
Thursday, February 16, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis M. Kelleher, president and CEO of Better Markets, today issued this statement following the decision by the U.S. Court of Appeals for the D.C. Circuit to review “en banc” the CFPB’s challenge to a ruling last year on the constitutionality of the CFPB’s Director:

“Today’s order by the United States Court of Appeals for the District of Columbia to vacate the decision removing the protections for the Director of the Consumer Financial Protection Bureau (CFPB) from being fired for political reasons is a great victory for America’s consumers.  The CFPB is the most successful consumer protection agency in the history of the country.  In just a few short years, it has returned almost $12 billion to more than 25 million Americans ripped off by financial firms. 

“The CFPB has been effective because the law insulates it from political interference by Wall Street’s political allies.  The law provides for a single Director with a five-year term who can only be fired for cause and the CFPB’s budget is independent.  These are key protections for American consumers of financial products who would otherwise have little protection from financial predators.  That’s what happened in the years leading up to the 2008 financial crash when there was an epidemic of unpunished fraudulent and illegal financial conduct. 

“The prior decision removing the termination protection for the CFPB Director put that progress at risk, opened a door at the CFPB for Wall Street influence, and virtually guaranteed that the agency would be politicized.  Hopefully, the order today will lead to a decision that protects the Director and America’s consumer.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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