High Court’s Ruling Upholds the CFPB While Supporting Communities and Consumers

WASHINGTON, D.C., UNITED STATES, May 16, 2024 /EINPresswire.com/ -- Marisa Calderon, president & CEO of Prosperity Now, issued the following statement regarding the Supreme Court’s ruling that the Consumer Financial Protection Bureau (CFPB) funding doesn’t violate the constitution:

“Today’s Supreme Court ruling is a resounding victory for the American people, especially historically underrepresented communities. The 7-2 ruling made clear that the CFPB’s funding authority is constitutional, and its strong record of consumer protection will continue.

“We firmly believe that the CFPB’s mission is essential for the communities we represent who are disproportionately at risk from unreliable, unsafe, or discriminatory financial products.”

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Background:
Prosperity Now leads the Asset Building Policy Network, a group of affiliated organizations who work to preserve consumer rights and community asset preservation. In June of 2023, the groups submitted a letter to the House and Senate, urging congressional leadership to support the CFPB and oppose legislation that would undermine the agency’s mission.

About Prosperity Now
Since 1979, Prosperity Now (formerly CFED) has been a persistent voice championing economic opportunity, innovating outside of and beyond existing systems to build power for all communities. We advance racial and ethnic economic justice by investing in bold new ideas, and we work deeply at both the grassroots and national level to impact the entire ecosystem. By setting goals for our economy and following through with targeted approaches based on need, we are equipped to drive forward and cement big structural solutions. Learn more at www.prosperitynow.org.

Jennifer Baskerville
Prosperity Now
jbaskerville@prosperitynow.org
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