Rio Rancho, NM – The Southwest Public Policy Institute (SPPI) strongly condemns the Consumer Financial Protection Bureau (CFPB) for alleged racial discrimination against at least 85 Black and Hispanic employees. This follows news that the U.S. District Court for the District of Columbia has approved a $6 million settlement of class claims of alleged discrimination and discriminatory practices against 85 minority CFPB employees.
Just this week, SPPI President Patrick Brenner published an op-ed in Fox News discussing the CFPB’s lack of accountability and lack of reporting mechanism for the harm it causes to the financial consumers it ostensibly exists to protect. In the article, Brenner highlighted SPPI’s own work to create a reporting mechanism through the development and launch of the Bureau to Protect Financial Consumers from the Consumer Financial Protection Bureau.
Despite agreeing to a $6 million settlement, CFPB has admitted no wrongdoing in the case of the allegations made by the 85 Black and Hispanic employees.
“Southwest Public Policy Institue, in no uncertain terms, condemns the CFPB and the types of discriminatory practices described in this case,” said SPPI President Patrick Brenner. “Given the severity and enormity of these allegations of actions against the CFPB’s own employees on the basis of their race, and the harm the CFPB has directly caused consumers through failures such as their recent massive data breach, I have to ask: on what basis should consumers be placing their trust in the CFPB to look after their interests?”
“If these are supposed to be our ‘watchdogs,’ then who is watching the watchdogs? All we have seen from the CFPB since their inception is hypocrisy, ineptitude, and, frankly, corruption. The CFPB is so broken down to its very foundation that we shouldn’t be talking about reforming it: it’s time to talk about doing away with it all together.”