D.C. Circuit Court Issues Landmark Victory for CFPB – Reaffirms Independence from Trump
WASHINGTON, D.C. – Today, following news that the D.C. Circuit court has issued a landmark decision upholding the constitutionality and independence of the Consumer Financial Protection Bureau (CFPB), Allied Progress released the following statement from its executive director, Karl Frisch:
“This isn’t just a victory for the Consumer Financial Protection Bureau, this is a victory for consumers everywhere. The D.C. Circuit has soundly rejected attempts by Wall Street special interests to cripple the Bureau by challenging its constitutionality. Equally important, the court has reaffirmed the CFPB’s independence from the Trump administration, rejecting the notion that a president should be able to replace the agency’s director without cause. The majority decision called this case a ‘wholesale attack on independent agencies’ and we couldn’t agree more.”
“Beyond this decision, the Trump administration’s attack on the Consumer Bureau continues. An affront to the very notion of an independent agency free from executive interference, Trump has installed Mick Mulvaney, a current member of his administration, to serve part-time as ‘acting director.’ While this case is an important victory, the fight continues to protect consumers and defend the mission of the CFPB to hold big banks, predatory lenders, and other financial bad actors accountable.”
# # #