October 03, 2023

Warren Statement on Supreme Court Arguments on the Consumer Financial Protection Bureau’s Funding

Washington, D.C. – United States Senator Elizabeth Warren (D-Mass.) released the following statement on the Supreme Court’s oral arguments on Consumer Financial Protection Bureau v. Community Financial Services Association of America.

“The future of Social Security, Medicare, and every federal banking regulator is under grave threat if payday lenders and Wall Street banks get the Supreme Court to undermine the CFPB,” said Senator Warren. “Since 1863, national bank regulators like the CFPB have been independently funded to prevent an army of special interest lawyers and lobbyists from wrecking the economy. The CFPB is under attack because it’s an effective watchdog, returning over $17 billion back into the pockets of hard working Americans who were cheated, and the Court should uphold more than a century of law and affirm the CFPB’s funding as constitutional.”

Senator Warren is the architect of the CFPB and has led to fight to protect consumers across the country and defend the CFPB from attacks from special interests: 

  • In September 2023, delivering a keynote speech at the Center for American Progress, Senator Warren laid out what is at stake as the Supreme Court is poised to consider the CFPB funding case. 
  • In September 2023, Senator Warren released a statement praising Vice President Kamala Harris’s announcement that the CFPB is starting a rulemaking process to remove medical bills from credit reports. 
  • In September 2023, Senate Banking, Housing, and Urban Affairs Committee, Senator Warren reiterated the importance of the CFPB in protecting consumers from potential harms posed by AI in financial services, including risks such as lenders using A.I. to produce biased home appraisals or banks using A.I.-powered chatbots that may give consumers misleading financial information.
  • In July 2023, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Warren blasted big banks’ use of predatory overdraft fees and applauded the CFPB for its continued oversight in protecting consumers.
  •  In June 2023, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Warren applauded the CFPB’s proposed rule to cap unreasonable credit card late fees, which could save working families billions of dollars a year.
  • In February 2023, Senator Warren released a statement on the Supreme Court’s announcement that it will review the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB.
  • In December 2022, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Warren highlighted the CFPB’s achievements, including holding big banks and giant corporate accountable, putting money back in working families’ pockets, working to eliminate junk fees, taking on student loan servicers and tenant screening services, and helping eliminate medical collection debt from credit reports. 
  • In November 2022, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Warren called out the Fifth Circuit’s dangerous ruling in the CFPB funding case.

###