WASHINGTON, D.C. – After a panel of judges on the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) funding structure was unconstitutional, Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement:
The court’s misguided opinion would stop the Consumer Financial Protection Bureau from providing critical protections for American families.
This ruling would undermine the consumer bureau’s effectiveness as an independent watchdog. It would let payday lenders continue to offer financial products and policies designed and targeted to extract wealth from Americans already underpaid and underserved by the nation’s financial system. This ruling must be reversed.
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