The CFPB needs these liberties, supporters say, to maintain its primary purpose in protecting American consumers of financial products and services. Within its seven years of operation, the CFPB has supplied 31 million Americans with over $12.4 billion in relief funds in cases of illegal financial dealings. “The 2008 financial crisis proved the need for the CFPB, a successful independent consumer watchdog,” Will Corbett, Litigation Counsel for the Center for Responsible Lending (CRL), said. “Under the radical logic of this court’s ruling, our consumer watchdog would be eliminated. The door would be reopened for financial predators, such as those who steal from 9-11 heroes.”
