WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Banking Committee and a lead author of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which created the Consumer Financial Protection Bureau (CFPB), released the following statement after the Supreme Court announced it will hear arguments next term in a case with far-reaching implications for the constitutionality of the CFPB, CFPB v. Community Financial Services Association of America:

“Congress created the Consumer Financial Protection Bureau after the financial crisis to enforce consumer protection laws and make sure the banks, credit card companies and other financial institutions aren’t abusing their powers to take advantage of everyday Americans. If the Fifth Circuit’s decision, which could make every rule put forward by the CFPB unconstitutional,  is permitted to stand, there will be financial chaos as all sorts of transactions governed by CFPB policies could grind to a halt, and consumers would be left without the protections they expect and deserve.”

Since its creation in 2010, the CFPB has recovered nearly $15 billion in financial relief for customers.

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