Friends --

Bad news. This morning, the right-leaning Supreme Court handed the financial industry a win at the expense of consumers. The high court ruled that the president is allowed to fire the director of the Consumer Financial Protection Bureau (CFPB) for any or no reason at all. This undermines the independence of the agency by leaving it more vulnerable to political and industry influence.

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Here’s some specific context on the ruling: The Dodd-Frank Act, passed 10 years ago to protect Americans from the financial industry’s irresponsible practices, states that the director of the CFPB can only be fired “for cause.” In other words, a corrupt president can’t do his financial industry friends a favor and fire the Bureau’s director for holding them accountable.

The CFPB’s independence is what allowed it to be a powerful and effective advocate for consumers in the past, but today, the high court ruled that the agency should instead be guided by the political whims of the President.

But we will not give up on the battle. In fact, we will just fight harder to protect the Bureau’s independence and its mission to protect consumers. And we hope we can count on your support -- because we’ll need it more than ever. Follow us on social media to stay up to date on the actions we’re taking to combat corruption.

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Thank you,

Your friends at Allied Progress

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