Supreme Court Sides With Industry Seeking to Weaken CFPB

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Statement from Linda Jun, senior policy counsel, Americans for Financial Reform Education Fund:

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In the wake of the destruction caused by the last financial crisis, Congress created an independent cop on the beat focused solely on protecting consumers in the financial marketplace. As reflected in our amicus brief and our work, Americans for Financial Reform Education Fund and the broader community focused on consumer financial protection, including consumer advocates, civil rights organizations, and grassroots groups, have been committed to the CFPB’s independence from the beginning because we believe that an independent regulator more insulated from political pressures will lead to the best outcomes for consumers.

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Court Sides With Weakening CFPB's Authority

With today’s decision in Seila Law v. CFPB, the Supreme Court has chosen to ignore Congressional intent to maximize the bureau’s independence to best protect the American public from harm. Instead, the Court has sided with those who have spent the last decade trying to undermine the CFPB's effectiveness and weaken its authority, efforts that have often been led by the industries the agency is charged with regulating.

We are disappointed that the Court has decided to undermine the independence of the CFPB’s structure and increase political influence over its work. Along with our allies, we will continue to engage with the CFPB to push for strong protections against abusive practices and effective consumer protections, and hold the bureau accountable to its statutory mission.

What do you think about the ruling? Tell us by sounding off in the comments section.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver