Attorney General Bonta Issues Statement in Support of CFPB Following Oral Argument in U.S. Supreme Court

OAKLAND – California Attorney General Rob Bonta today released the following statement in response to the U.S. Supreme Court hearing oral argument in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA):

“There are many important cases before the U.S. Supreme Court this term. One of those cases threatens the very existence of the CFPB, and the justices heard oral argument on it this morning. From going after predatory lenders to addressing misconduct in the financial markets, the CFPB has been a tremendously important partner to the states in our work to protect Californians and consumers all across the country. It is no understatement to say that the stakes are enormous." 

Background:

On May 16, 2023, Attorney General Bonta announced joining a coalition of 24 attorneys general in filing an amicus brief in the U.S. Supreme Court in support of the CFPB. In their amicus brief, the attorneys general support the CFPB’s contention that the agency’s funding structure is constitutional and argue that the court should not invalidate the CFPB’s past and ongoing regulatory and enforcement actions even if it determines that the agency’s current funding structure is not constitutional.