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White House. Statement from President Joe Biden on the Supreme Court Ruling on Consumer Financial Protection Bureau

President Biden hails the Supreme Court’s decision on the Consumer Financial Protection Bureau as a victory for American consumers, affirming its constitutional funding authority and its track record in safeguarding consumers from abusive financial practices. He highlights the CFPB’s achievements under his administration, including delivering nearly $9 billion in consumer relief and striving to save consumers $20 billion annually on various fees, amidst opposition from Republicans aligned with special interests.

    Today’s Supreme Court ruling is an unmistakable win for American consumers. Since President Obama and I created it in the wake of the Great Recession, the Consumer Financial Protection Bureau (CFPB) has worked to protect consumers from abusive practices by lenders, servicers, and special interests, and has lowered costs for hardworking families by going after junk fees. Under my Administration, the CFPB has delivered: providing nearly $9 billion in consumer relief and working to save consumers $20 billion per year going forward on credit card late fees, overdraft fees, and other junk fees.

    Every step of the way, while the CFPB and I have fought for the middle class, Republicans in Congress and in states across the country have stood with special interests who want to keep ripping families off. In the face of years of attacks from extreme Republicans and special interests, the Court made clear that the CFPB’s funding authority is constitutional and that its strong record of consumer protection will not be undone.

    May 16 2024 Washington, DC

    Source: Midtown Tribune newsWH.gov

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