Waters and 40 Democratic Members Unite in Their Fight to Protect the Consumer Bureau

Statement

Following the D.C. Circuit granting the Consumer Financial Protection Bureau's (Consumer Bureau) petition for rehearing en banc in the PHH case, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and 40 Democratic Members filed an amicus brief today with the D.C. Circuit Court of Appeals in support of the Consumer Bureau's independent structure and its constitutionality.

"After extensively studying the roots of this crisis…Congress established a consolidated federal agency, the Consumer Financial Protection Bureau, with the sole mission of protecting Americans from harmful practices of the financial services industry," the lawmakers wrote. "In creating the Bureau, lawmakers determined that it needed two key attributes to fulfill its mission: independence, and the ability to act promptly and decisively in response to new threats to consum