May 16, 2024

Warren Statement on Supreme Court Upholding CFPB Is Constitutional

Washington, D.C. Today, United States Senator Elizabeth Warren (D-Mass.) released the following statement regarding the Supreme Court’s 7-2 decision on the Consumer Financial Protection Bureau:

“The CFPB is here to stay. In a 7-2 decision, the Supreme Court followed the law and confirmed that the CFPB’s funding structure is constitutional. For the last decade, the consumer agency has fought the big banks and predatory lenders that try to cheat hardworking people. As of this week, the CFPB has returned more than $20 billion in ill-gotten funds to American families. This isn’t the last attack on the CFPB we’ll see from Wall Street, the banks, and their Republican allies. When an agency is this effective at sticking up for working families against industry’s consumer abuses, it’s an obvious target for multi-million dollar lobbying campaigns. The CFPB will keep on doing its work to slash junk fees, fight giant banks when they cheat people, and level the playing field for everyone in this country. I commend Director Chopra for his leadership, the entire CFPB team for their determination, and President Biden for his commitment to protecting consumers.”