Hip Hop Caucus Applauds U.S. Supreme Court Decision on Consumer Financial Protection Bureau Funding Mechanism

WASHINGTON — Today, Hip Hop Caucus Economic Justice Director Stephone Coward issued the following statement in response to the U.S. Supreme Court’s 7-2 decision upholding the Consumer Financial Protection Bureau’s funding mechanism, rejecting a Constitutional challenge brought by the payday loan industry:

“The Consumer Financial Protection Bureau (CFPB) is an important entity for communities of color and has been able to hold corporations, industries, states, and nations accountable for choosing profit over people. This surprising decision allows the CFPB to maintain its independence from the political back and forth of Congress, and we love to see it.” 

For too long, Wall Street has been able to run rampant without meaningful consequences. Wall Street’s historical lack of vision to see that prioritizing people and profit is not mutually exclusive has created a permission structure for Big Banks to feel emboldened to devalue too many Black, Brown and Indigenous communities and consumers as not profitable. As a result, banking deserts persist in many of these communities, leaving predatory lenders in the form of payday loan centers, check cashing stores, and pawn shops to fill the vacuum.

This ruling reaffirms the fact that economic justice and racial justice are inextricably linked and we look forward to continuing our work in coalition with those who advocate for an economy that works for everyone and for financial institutions that address economic inequalities.”