NJ Citizen Action applauds SCOTUS decision in favor of CFPB

NEWARK, NJ: New Jersey Citizen Action applauds the Supreme Court of the United States for upholding the constitutionality of the funding method Congress chose for the Consumer Financial Protection Bureau (CFPB).

“This decision by the Supreme Court affirms the sound and constitutional structure of the Bureaus funding. It also sends a signal that the Court is not going to permit industry to flout the law in their campaign to stop the Bureau from fulfilling its mandate,” said New Jersey Citizen Action’s Financial Justice Program Director, Beverly Brown Ruggia.

“The Bureau effectively protects consumers in New Jersey, strengthens our state consumer protection laws and holds bad actors in the banking and finance industries accountable for unfair, deceptive and abuse practices. New Jerseyans, indeed, all Americans, are better off with the CFPB in our corner,” she said.

New Jersey Citizen Action’s Director of Loan Counseling & Loss Mitigation, Bonita Holmes said, “CFPB have helped homebuyers by simplifying mortgage disclosures, rooting out unfair, deceptive and abusive acts or practices by writing rules, supervising companies and enforcing laws that protect New Jerseyans from discrimination in consumer finance. The Bureau also publishes excellent booklets and brochures on various consumer finance topics that assist counselling agencies in educating their clients. Additionally, it also assists counseling agencies to set up systems for their clients to file their complaints.”

Director of Development at New Jersey Citizen Action, Leila Amirhamzeh said, “In a huge win for consumers, the US Supreme Court’s decision correctly ensures that the CFPB will be able to continue protecting consumers and holding predatory lenders and bad actors accountable. With so few protections and real watchdogs looking out for consumers, a strong CFPB, like a strong Community Reinvestment Act, ensures that consumers have protections, and advocates have tools to monitor lending, consumer fees, and investment in all communities, and an enforcement mechanism to hold bad actors accountable.”

“While we celebrate the Supreme Court’s decision, we will still have fight to make sure that Congress rejects future attacks on the CFPB and its rules. We call on the New Jersey Delegation to do all it can do to make sure that the Bureau remains strong and can continue to do its work fully funded with independent authority,” Ruggia added.



New Jersey Citizen Action is a statewide advocacy and empowerment organization that fights for social, racial and economic justice for all.