WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement as the Supreme Court is set to hear oral arguments this week in Seila Law v. CFPB, a case to determine whether the Consumer Financial Protection Bureau (CFPB) is constitutionally structured. Brown has been a vocal champion of the CFPB since its inception and has led efforts by the Trump Administration to dismantle the consumer protection agency.
“Ten years ago, in response to the most devastating financial crisis since the Great Depression, we created the Consumer Financial Protection Bureau with an independent Director to protect working families against financial abuse by Wall Street banks, payday lenders, and other companies that make money by cheating consumers. That decision has been vindicated by the more than $12 billion that the CFPB has returned to consumers and the millions of consumers who have been protected from predatory practices. It’s telling that the only agency the White House is legally challenging is the one created for the sole purpose of protecting consumers.”