May 17, 2024

ICYMI: On Steps of SCOTUS, Warren Celebrates CFPB Decision to Uphold Agency’s Constitutionality

Video of Remarks (Instagram)

Washington, D.C. — Following the Supreme Court’s 7-2 decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited, in which the Court rejected a conservative legal challenge to the constitutionality of the CFPB’s funding structure, Senator Elizabeth Warren (D-Mass.) took to the steps of the Supreme Court to celebrate the ruling, saying, “(T)he law worked the way it should. The Supreme Court applied the law. And the CFPB is here to stay.” 

Senator Warren also applauded the Biden administration for taking action to strengthen the CFPB, crack down on junk fees, and protect consumers; and warned of continued attacks to the CFPB by big banks, payday lenders, and Republicans. 

Transcript: Senator Warren Remarks on CFPB Funding Structure Supreme Court Ruling
United States Supreme Court
May 16, 2024 

Senator Warren: Woo-hoo! The United States Supreme Court followed the law, and the CFPB is here to stay. 

This is so terrific, this news is fabulous. When you have an agency that is this good at doing its job to protect consumers, then a lot of banks, a lot of payday lenders, a lot of Republicans come after it and try to shut it down. And the fact that this particular case made it all the way to the United States Supreme Court, on something that had no basis in law, is a reminder of just how extremist the Fifth Circuit has become and some of our lower courts. And that is a question of real concern for all of us. 

But right now, we're here to celebrate. We're here to celebrate because the law worked the way it should. The Supreme Court applied the law, and the CFPB is here to stay. 

Joe Biden helped make the CFPB even stronger. He believes in what it does. He believes in an America where government is not just on the side of giant banks, but government is actually on the side of people. It's out there getting rid of junk fees that credit card companies want to pile on and the banks want to pile on. It's about making a level playing field. That's all anybody's asking for for these hard working families. 

So, this is a day when we can all say that we get it: The big banks came after us. The payday lenders came after us. The Republicans came after us. And we're still standing. 

We don't fool ourselves. They'll come back again, they'll have another attack, they'll figure out another way to go after the agency. They'll do it again and again and again. And they'll do it for two reasons. 

The first reason is because this agency actually cost those giant banks and payday lenders a lot of money. In fact, this agency so far has cost those big banks over $20 billion. And you know, who kept that $20 billion. It's American consumers. It's service members and veterans, it's seniors and students. It's hard-working families and families struggling to make it from here to the end of the month. That's who the CFPB fights for. 

So, yeah, we know they're out there. They got plenty of money, they're gonna keep fighting, but so are we. We've got our passion, we've got our determination, and we've got an agency that works. We're gonna be here to back it up forever. 

Thank you.