Statement of Consumer Federation of California’s Executive Director Robert Herrell on the United States Supreme Court’s Decision in Consumer Financial Protection Bureau v. Community Financial Services Assn. of America, Ltd.:

“The Consumer Federation of California (CFC) is pleased that, on a 7-2 vote, the United States Supreme Court has held that the financing structure of the federal Consumer Financial Protection Bureau (CFPB) is legal and constitutional. By rejecting the spurious arguments of the payday lenders and those who wish to keep consumers in the dark and subject to their largely predatory products, the court has allowed the CFPB to keep up their groundbreaking work protecting consumers in a wide range of areas. CFC looks forward to continuing to partner with the CFPB on various projects at the federal level and here in California, from cracking down on overdraft fees drowning low and moderate-income consumers, to getting medical debt off of consumer credit reports to so much more.”

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