In response to the Supreme Court’s decision in the case of CFPB v CFSA, Rise Economy CEO Paulina Gonzalez-Brito and Chief of Legal and Strategy Kevin Stein issued the following statement on behalf of Rise Economy and its 300 plus member organizations:

“We are gratified to see the Supreme Court make the reasoned and only responsible decision to affirm the constitutionality of the Consumer Financial Protection Bureau (CFPB). The CFPB is a rare light amidst the dysfunction within government today – an extremely effective and popular agency that protects American consumers from the excesses of the largest corporate interests and that has returned billions of dollars to injured consumers throughout the country.

Yet, we remain dismayed by ongoing industry attacks on consumer protection, civil rights and climate justice efforts. While this challenge to the CFPB’s constitutionality was brought by the payday lending association, the American Bankers Association, the Consumer Bankers Association and the United States Chamber of Commerce have made similar arguments in trying to stop the CFPB from taking actions to protect consumers from abuses by banks.

Similar banking industry legal assaults have been foisted on: 1) CFPB efforts to protect consumers against discrimination as an unfair and deceptive practice and 2) to ensure BIPOC small business owners have equal access to credit, as well as 3) regulatory efforts to require banks to reinvest more in communities and 4) in California efforts to require large corporations to disclosure greenhouse gas emissions and to develop plans to transition to a greener economy.

We look forward to the CFPB’s continuing activities to protect consumers, and to the agency fully implementing the critically important section 1071 small business data collection rule that will enhance wealth building opportunities in BIPOC communities and for small businesses owned by people of color.” 

Media Contact:
Kevin Stein, Chief of Legal and Strategy
kstein@rise-economy.org