At Hearing, Pressley Defended the CPFB’s Funding Structure, Affirmed its Essential Role Protecting Consumers

WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), Vice Ranking Member of the Financial Institutions and Monetary Policy Subcommittee of the House Financial Services Committee, issued the following statement on the Supreme Court’s decision to uphold the Consumer Financial Protection Bureau’s (CFPB) funding structure.

“The CFPB is an essential agency that has fought for consumers relentlessly. Since its inception, it has cracked down on harmful practices like redlining, lending discrimination, junk fees, and more, and it has returned over $20 billion for consumers ripped off by bad actors in the financial industry—which is exactly why Republicans and Wall Street have tried time and again to get rid of it.

“Despite the callous and ongoing attempts to gut the CFPB, the Supreme Court made the right call today and this decision is a win for the people. I look forward to continuing to partner with Director Chopra and the CPFB to stand up for consumers, workers and families in the Massachusetts 7th and beyond.”

As a member of the House Financial Services Committee, Rep. Pressley has consistently affirmed the critical role the CPFB has played in protecting consumers.

• On April 16, 2024, Rep. Pressley defended the CFPB’s funding structure and affirmed its essential work protecting consumers.
• On November 30, 2023, Rep. Pressley emphasized the CFPB’s crucial role in protecting student loan borrowers from incompetent and predatory student loan servicers.
• On March 9, 2023, Rep. Pressley praised the CFPB and highlighted the agency’s crackdown on redlining practices as evidence of why the CFPB is sorely needed.
• On October 29, 2021, Rep. Pressley discussed CFPB’s work to protect student loan borrowers ahead of the resumption of student loan payments.
• On October 16, 2019, Rep. Pressley affirmed the need for the CFPB to crack down on consumer harassment by aggressive debt collectors.
• On September 26, 2019, Rep. Pressley the Monitoring and Curbing Abusive Debt Collection Practices Act – legislation that would require the Director of the CFPB to issue quarterly reports to Congress analyzing consumer complaints on predatory debt collection practices.

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