California Attorney General Rob Bonta today released the following statement after the Supreme Court upheld the Consumer Financial Protection Bureau’s (CFPB) funding structure as constitutional and protected its past and ongoing regulatory actions in Consumer Financial Protection Bureau v. Community Financial Services Association of America (CFSA).
“Today’s decision reaffirms the absolutely critical role CFPB has in advancing consumer protection and regulating the financial services industry. The CFPB has been an invaluable enforcement partner to California, working to protect consumers from fraud, abuse, and unfair business practices — and has returned a staggering $17.5 billion to Americans since its creation,” said Attorney General Bonta. “My office will continue to use all legal tools at our disposal to robustly enforce California’s consumer protection laws. We look forward to continued collaboration with the CFPB.”
Attorney General Bonta has been a strong ally of the CFPB at every step in the legal process.
In May 2023, Attorney General Bonta, as part of a coalition of 24 attorneys general, filed an amicus brief supporting the CFPB’s contention that the agency’s funding structure is constitutional and that the court should not invalidate the CFPB’s past and ongoing regulatory and enforcement actions even if it determines that the agency’s current funding structure is not constitutional. In October 2023, Attorney General Bonta issued a statement in response to the Supreme Court hearing oral argument in this case.
Original source can be found here.