Event: Senator Warren, AFR, Celebrate Victory in CFPB Case on Supreme Court Steps

Senator Warren, AFR, Celebrate Victory in CFPB Case

Carter Dougherty, carter@ourfinancialsecurity.org

Americans for Financial Reform joined Sen. Elizabeth Warren and other coalition members on the steps of the Supreme Court Thursday to celebrate the Court’s favorable ruling in CFPB vs. CFSA, a case in which the payday lending lobby, with the support of Wall Street, sought to destroy the funding mechanism of the Consumer Financial Protection Bureau.

The event was streamed live on Senator Warren’s Instagram and Facebook.

“The United States Supreme Court followed the law and the CFPB is here to stay,”  Sen. Warren said at the event. “When you have an agency that is this good at doing its job to protect consumers, a lot of banks, payday lenders, a lot of Republicans come after it and try to shut it down.”

Lisa Donner, executive director of Americans for Financial Reform, spoke after Warren, saying:

“The Supreme Court decision today is incredibly good news for people and communities across the country. The agency is putting money into consumers’ pockets, money that big banks and predatory lenders took, and has made rules changes that have saved and will save hundreds of millions more.”

Other AFR coalition members joining included US-PIRG, Faith in Action National Network, the Leadership Conference on Civil and Human Rights, the National Consumer Law Center, and the Center for Responsible Lending.

AFR celebrates the decision today but along with Sen. Warren reminds consumers that industry interests are still at work trying to undermine CFPB. “This morning the House is marking up some bills to undermine the agency’s authority,” Donner said. “Our coalition are going to keep fighting to build on and sustain the agency’s important work.”

Sen. Warren echoed the message. “They’ll come back again, they’ll have another attack, they’ll find another way to go after the agency, they’ll find a way to do it again,” she said. “They’re out there, they have plenty of money, they’re going to keep fighting. But so are we.”