How the Supreme Court’s Decision in CFPB vs. CFSA Could Harm Consumers
Since opening its doors 12 years ago, the Consumer Financial Protection Bureau (CFPB) has been a formidable advocate for everyday Americans, holding financial institutions accountable for poor practices and returning $17.5 billion to wronged customers. Following the 2007–2008 financial crisis, Congress carefully designed the CFPB as a new, independent regulator to carry out its important mission, free from political interference.
CFPB critics have long sought to limit the agency’s autonomy and, by extension, its capacity to promote a fairer financial marketplace. On October 3, 2023, the U.S. Supreme Court will hear oral arguments in CFPB v. Community Financial Services Association of America (CFSA) regarding the constitutionality of the agency’s independent funding structure.
Joining us to deliver keynote remarks is Sen. Elizabeth Warren (D-MA), the original architect of the CFPB. Warren worked for a year with the Obama administration to make it a reality before running for the U.S. Senate. She remains an outstanding champion for consumer protections and advocate for federal policies that grow the middle class by ensuring wealthy individuals and corporations play by the same rules as everyday Americans.
Please join the Center for American Progress for a discussion on the ongoing importance of a strong and independent CFPB and its track record of success. The panel will also analyze the potential wide-ranging threats to consumers if the Supreme Court finds the CFPB’s funding mechanism unconstitutional, as well as the possible spillover effects to other, similarly funded federal agencies.
Thursday, September 28, 2023 | 1:00 - 2:00 pm ET