***FOR IMMEDIATE RELEASE***
October 11, 2016
Progressive Congress Condemns D.C. Circuit Court Ruling Regarding Regulatory Power
of the Consumer Financial Protection Bureau
Washington, D.C.— The D.C. Circuit Court recently ruled against the Consumer Financial Protection Bureau (CFPB) in PHH Corporation v. CFPB, a case which questioned the consumer watchdog’s authority and structure. Presiding Judge Brett Kavanaugh has documented ties to Wall Street and corporate interests. Wall Street lobbyists have devoted a significant amount of resources to attempting to limit the CFPB’s regulatory authority and take the teeth out of the institution’s tough and highly effective enforcement measures. Progressive Congress condemns the D.C. Circuit Court Ruling and calls for a swift reversal. The CFPB’s structure and regulatory power are within the limits set forth by the U.S. Constitution.
“The intent of the Consumer Financial Protection Bureau was to protect American consumers from greedy and predatory bad actors, particularly certain Wall Street big banks like Wells Fargo that put company profits over consumers’ well-being,” said Dr. Gabriela Lemus, President of Progressive Congress. “Recent hearings in Congress clearly demonstrate the full extent of the need for a watchdog institution like the CFPB. Ordinary Americans need the CFPB, because no other federal agency specifically advocates for consumers and their families and has the regulatory power necessary to protect them from Wall Street greed and irresponsible big business and banking practices.”