Did you see the big news yesterday, John? The Supreme Court
followed the law and upheld the constitutionality of the Consumer
Financial Protection Bureau’s funding structure — so the "Little Agency
That Could" will live to fight another day.
Look: I’m not surprised that the CFPB faced this attack, which its
opponents have been trotting out for years and years and years. When you
have an agency that is this good at protecting consumers, then of course a
lot of big banks, a lot of payday lenders, and a lot of Republican
politicians will go after it and try to shut it down.
We can all let out a sigh of relief that the CFPB overcame this threat —
just like we had to overcome armies of Wall Street lobbyists to get it
into law in the first place.
But I wanted to share three thoughts on what led to yesterday's ruling and
what could come next:
1. The fact that this particular case — which had no basis in law — made
it all the way up to the Supreme Court is a reminder of just how
extreme some of our lower federal courts have become.
2. We’re not fooling ourselves: the CFPB’s opponents will come back on
the attack. After all, this agency has put over $20 billion back in
the pockets of seniors, students, service members, veterans, families
struggling to make it to the end of the month, and other consumers who
got cheated by financial institutions — so those financial
institutions have over 20 billion reasons to want to knock it out of
the game for good.
3. And there’s still a pending case before the Supreme Court that could
gut the ability of all federal agencies to do their jobs on behalf of
working people.
So we know the threats that we still face. We know that those forces have
got plenty of money and power, and that they’ll keep fighting. But so will
we. And we’ve got our passion, we’ve got our determination, and we’ve got
a consumer agency that is still protecting the American people.
We’ll keep having the CFPB’s back, and we’ll stay in this fight. No matter
what.
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help make sure our government works not just for big banks but for all
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Thanks for being a part of this,
– Elizabeth Warren
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