National Urban League President Denounces Partisan Panel's CFPB Ruling; Calls for Immediate Reversal
National Urban League President Marc Morial Denounces Partisan Panel's CFPB Ruling; Calls for Immediate Reversal by Full 5th Court
NEW YORK (October 20, 2022) -- National Urban League President and CEO Marc H. Morial blasted today’s ruling by Trump-appointed judges that the Consumer Financial Protection Bureau (CFPB) is unconstitutional, calling the decision “specious and nakedly political.”
“Clearly, the court’s problem with the CFPB is not its funding structure, but that it actually protects consumers,” Morial said. “We cannot allow our federal judiciary to be transformed into a tool of special interests. The full 5th Circuit must act immediately to reverse this specious and nakedly political ruling.”
Morial noted that the case was brought by a group of payday lenders, an industry that preys on society’s most financially vulnerable citizens by trapping them into long and irreversible cycles of debt. Established in response to the financial crisis of 2007–08 which triggered the Great Recession, the CFPB has protected millions of Americans from fraud, malpractice, and manipulation and recovered billions of ill-gotten dollars through refunds and cancelled debt.
“Today’s ruling is a blatant perversion of justice,” Morial said. “The justices barely even bothered to find a legal justification for what is obviously partisan favoritism. I expect to see the full 5th Circuit rectify this fiasco with all due haste.”