As Oral Arguments in CFPB Supreme Court Case Begin, Senator Reverend Warnock Highlights Importance of Ensuring Agency Continues Its Mission to Protect Consumers

As chair of the United States Senate Banking Subcommittee on Financial Institutions and Consumer Protection, Senator Reverend Warnock has long worked to lower everyday costs for Georgians and is a dedicated champion for Georgia consumers

The Supreme Court is set to begin oral arguments in a case that could restructure how the Consumer Financial Protection Bureau (CFPB) is funded

Founded in 2011 in the wake of the financial crisis, the CFPB has put $17.5 billion in back in the pockets of Americans

The CFPB has taken action on 266,560 complaints from Georgians, including 20,168 from servicemembers in the state

Senator Reverend Warnock: “Congress funded the CFPB in a way that insulates it from political brinksmanship and partisan whims. In fact, we just saw that partisanship in action as we narrowly averted a government shutdown”

Senator Reverend Warnock: “In Georgia, the CFPB has helped so many people across the state; from improving folks’ credit scores to protecting Georgians from attempts to collect debts they didn’t even owe. And these actions have an especially massive impact on our brave servicemembers as they navigate the economy”

Senator Reverend Warnock: “I urge the Supreme Court to uphold decades of legal precedent and do the right thing by ensuring the government can maintain its vital role in protecting the American people from profit-hungry corporations. Our government has an important role to play in making sure that companies don’t rip off everyday Georgians and Americans”

Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), chair of the United States Senate Banking Subcommittee on Financial Institutions and Consumer Protection, released the following statement as the Supreme Court is set to begin oral arguments in a case that could restructure how the Consumer Financial Protection Bureau (CFPB) is funded:

“As the Supreme Court hears arguments in the Consumer Financial Protection Bureau case, it’s a good time to remember why Congress created this crucial agency. The CFPB was created after the 2008 financial crisis because American families needed an advocate whose sole purpose was to protect consumers from bad actors. Knowing that special interests have an outsized voice in Washington, Congress funded the CFPB in a way that insulates it from political brinksmanship and partisan whims. In fact, we just saw that partisanship in action as we narrowly averted a government shutdown,” said Senator Reverend Warnock. “In Georgia, the CFPB has helped so many people across the state; from improving folks’ credit scores to protecting Georgians from attempts to collect debts they didn’t even owe. And these actions have an especially massive impact on our brave servicemembers as they navigate the economy. The CFPB has also played a pivotal role in cracking down on junk fees, which are a drag on our economy and hurt consumers, and has also been leading the way in combatting the racial wealth gap.”

“The challenge to the CFPB is coming from wealthy special interests who are looking for ways to take advantage of Americans who are working hard and just trying to make ends meet,” continued Senator Warnock. “I urge the Supreme Court to uphold decades of legal precedent and do the right thing by ensuring the government can maintain its vital role in protecting the American people from profit-hungry corporations. Our government has an important role to play in making sure that companies don’t rip off everyday Georgians and Americans — it’s good for families’ pocketbooks and it’s good for our economy. It is something I am laser focused on as Chair of the Financial Institutions and Consumer Protection subcommittee for the Banking and Housing Committee in the United States Senate. I will be watching this case closely.”

Senator Warnock has long worked to lower everyday costs on Georgians and is a dedicated champion for Georgia consumers, having been a leading voice in Washington pushing to hold big banks and major corporations to account for reckless and greedy behavior. In late July 2023, as the chair of the Financial Institutions and Consumer Protection subcommittee for the Banking and Housing Committee in the United States Senate, Senator Warnock held a hearing examining how junk fees and predatory practices hurt the wallets of everyday Americans.

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