Today, in response to a decision by the full U.S. Court of Appeals for the District of Colombia Circuit upholding the constitutionality of the structure of the Consumer Financial Protection Bureau (Consumer Bureau), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement:
“Today, the full U.S. Court of Appeals for the District of Colombia Circuit confirmed what we have always known: the Consumer Bureau is constitutional and is here to stay. This is an important ruling for America’s consumers and should send a clear warning to predatory actors that despite the unlawful actions of the Trump Administration toward the Consumer Bureau, the courts can clearly and correctly interpret congressional intent. I am pleased that the Court followed established precedent and preserved the structure of the agency that Congress envisioned.
“When Congress drafted and passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, we intentionally created a strong, independent Consumer Bureau to better protect consumers after millions were ripped off by predatory lenders in the lead up to the 2008 financial crisis. The independence of the Consumer Bureau is essential to ensure that the agency can operate as a tough regulator that stands up for consumers.”
In 2017, Ranking Member Waters and 40 Democratic Members filed an amicus brief with the D.C. Circuit Court of Appeals in support of the Consumer Bureau’s independent structure and its constitutionality.