Joint Statement by City Attorney David Chiu and Treasurer José Cisneros regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America

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Joint Statement by City Attorney David Chiu and Treasurer José Cisneros regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America

SAN FRANCISCO (May 16, 2024) — City Attorney David Chiu and Treasurer José Cisneros issued statements today applauding the United States Supreme Court’s decision in CFPB v. Community Financial Services Association of America, which ruled that the Consumer Financial Protection Bureau’s (CFPB) funding method is constitutional. The decision is a victory for the CFPB, as it ensures their ability to continue protecting consumers from predatory financial practices. This decision is also a win for U.S. consumers who benefit from the CFPB’s tireless work on their behalf. With this lawsuit, payday lenders blatantly attempted to strip away a critical source of protection so they could prey on vulnerable consumers unimpeded.

City Attorney David Chiu speaks at a press conference in May 2023.

“The CFPB has been a key driver of ensuring fairness in our economy,” said City Attorney David Chiu. “We have modeled a number of our local consumer protection efforts after CFPB initiatives, which give every individual consumer a voice and recourse against unfair, deceptive, and abusive practices in financial markets. Today’s Supreme Court decision ensures the CFBP is here to stay, and gives broader validation to local, state, and federal consumer protection enforcement actions.”

“Today is a great day for consumers across the country,” said Treasurer José Cisneros. “The payday lending lobby tried, and failed, to disband the CFPB. Since 2011, the CFPB has reined in some of the most egregious consumer abuses in the financial market. Its vigilance protects consumers from unfair and unaffordable costs impacting millions of American families everyday like junk fees, credit card late fees, and overdraft fees.”

Since its establishment in 2011, the CFPB has secured over $20 billion in relief for millions of consumers and addressed more than 4 million complaints. Today’s Supreme Court decision, will allow the CFPB to continue their work as mandated by Congress, ensuring fair, transparent, and competitive financial services for all Americans.

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