Press Releases

Waters: CFPB Works for Consumers Despite Conservative Efforts to Dismantle It

Washington, DC, October 11, 2016

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the DC Circuit Court of Appeals’ decision today regarding the structure of the Consumer Financial Protection Bureau (CFPB):

“The CFPB is a critical part of the Dodd-Frank Act and has returned nearly $12 billion to more than 27 million consumers by going after fraud at large banks like Wells Fargo. After years of industry and Republican attacks falsely claiming that the CFPB is unconstitutional and that it must be eliminated, it’s no surprise that a small panel of the country’s most conservative judges has made such an anti-consumer ruling. Nevertheless, the ruling does affirm the CFPB’s right to continue to pass new regulations and enforce consumer protection laws under a single director. We will continue to watch closely as this case proceeds, but Americans know that the CFPB continues to do its important work on behalf of all consumers, regardless of special-interest efforts to dismantle it.”

For more information on Congressional Republicans’ concerted efforts to undermine the CFPB, click here.

For more information on industry lawsuits to dismantle Dodd-Frank, click here.


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