Senator Reverend Warnock chairs the Subcommittee on Financial Institutions and Consumer Protection, which is one of the governmental bodies that oversees the CFPB
The CFPB has taken action on 266,560 complaints from Georgians, including 20,168 from servicemembers in the state
The CFPB was founded in 2011 in response to the 2008 financial crisis
Senator Reverend Warnock: “Today’s decision is a win for Georgians and all Americans. A properly funded CFPB is critical to ensuring workers and consumers are protected against profit-hungry corporations and bad actors in the financial industry. Since the CFPB was founded over a decade ago, the bureau has continuously helped Americans build wealth and close the racial wealth gap”
Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, issued the following statement on the United States’ Supreme Court decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, to uphold the funding structure of the Consumer Financial Protection Bureau (CFPB).
“Today’s decision is a win for Georgians and all Americans. A properly funded CFPB is critical to ensuring workers and consumers are protected against profit-hungry corporations and bad actors in the financial industry. Since the CFPB was founded over a decade ago, the bureau has continuously helped Americans build wealth and close the racial wealth gap. The CFPB has put over $17.5 billion back into the pockets of everyday Americans by protecting people from phony debt collections and fighting back against the plague of junk fees, including taking action on over 266,560 complaints from Georgians. As the Chair of the Financial Institutions and Consumer Protection subcommittee, I will continue working to ensure the CFPB has what it needs to protect consumers from corporate greed.”
Senator Warnock has long worked to lower everyday costs for Georgians and is a dedicated champion for Georgia consumers. The Senator is 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.
When Congress established the CFPB after the 2008 financial crisis, it structured the CFPB’s funding to remain independent from unpredictable annual funding cycles, just like other financial regulators. Senator Warnock joined an amicus brief calling for the CFPB to be protected and urged the court to protect the CFPB ahead of oral arguments.