Statement on Supreme Court Decision in CFPB v. CFSA

Summary:

The Consumer Financial Protection Bureau (CFPB) has welcomed a landmark Supreme Court decision in CFPB v. Community Financial Services Association of America. The ruling rejects the payday loan lobby's attempt to defund the CFPB, a key federal watchdog agency responsible for protecting consumers from predatory and abusive practices in the financial sector. The decision upholds the CFPB's funding structure, ensuring stability and continuity for its agencies and the financial regulatory system. Since its inception in 2011, the CFPB has delivered over $20 billion in consumer relief and handled over 4 million consumer complaints.