CFPB SCOTUS Case Puts Consumer, Workers Rights at Risk

Committee for Better Banks

For Immediate Release: March 3, 2020

Media Contact: [email protected], 603-339-0042

Committee for Better Banks: CFPB SCOTUS Case Puts Consumer, Workers Rights at Risk

NATIONWIDE — Ahead of today’s oral arguments on the constitutionality of the Consumer Financial Protection Bureau’s leadership structure to be heard in front of the U.S. Supreme Court, Erin Mahoney, lead organizer at Committee for Better Banks, said:

“The banking industry by design does not protect the financial interests of its customers or its frontline employees, and without a system in place to hold banks accountable, corporate greed will run the show.

“Frontline workers are often the first to call out banks for corruption and malpractice, helping to regulate the industry from the bottom-up. With a rare exception, bank workers in the U.S. do not have the protection of a union and risk retaliation if they speak out against their employers. The CFPB is there to help workers help customers, and protect the integrity of the industry.

“Preserving the structure of the CFPB is critical to ensure a greater level of protection for consumers in the absence of collective bargaining rights for bank workers.”

About the Committee for Better Banks:

The Committee for Better Banks, the only independent voice for frontline bank employees, is comprised of bank workers, community and consumer advocacy groups, and labor organizations, coming together to improve conditions in the banking industry. Committee for Better Banks members include current and former employees of banks and credit unions across the country, including Wells Fargo, Santander, Bank of the West, and Bank of America.