Senator Comments On The Consumer Financial Protection Bureau
Senator Elizabeth Warren is nothing if not relentless when it comes to defending her brainchild, the Consumer Financial Protection Bureau (CFPB). But in a stunning moment on Wednesday, Warren did something no one saw coming—she actually praised President Donald Trump.
Yes, the same Elizabeth Warren who spent years branding Trump as a danger to democracy and the financial system suddenly found herself aligning with him—at least partially—all in a desperate bid to keep the CFPB alive.
The Consumer Financial Protection Bureau, created by Warren during the Obama administration, has long been a lightning rod for controversy. Unlike most federal regulatory agencies, the CFPB decides how much money it needs and pulls it directly from the Federal Reserve—a unique setup that bypasses congressional appropriations and gives it enormous unchecked power.
This financial independence has made the CFPB a darling of progressive Democrats but a favorite target for Republicans, who argue that it operates outside the normal rules of accountability and enforces regulations that strangle small businesses, community banks, and credit unions.
That’s why Senator Ted Cruz (R-TX) introduced the Defund the CFPB Act in late January, aiming to completely eliminate the CFPB’s funding stream.
“The CFPB is an unelected, unaccountable bureaucratic agency that has imposed burdensome and harmful regulations on American businesses, banks, and credit unions,” Cruz said. “It is an unchecked Obama-era executive arm and the Federal Reserve should not be transferring funds to it.”
He’s not alone. Conservatives have long seen the CFPB as a bureaucratic behemoth that makes up its own rules without congressional oversight—and under Biden-appointed Director Rohit Chopra, critics say the agency has become even more aggressive.
So how did Warren find herself in the awkward position of agreeing with Trump? It all comes down to debanking—the controversial practice of banks shutting down customer accounts for reasons that often seem political or arbitrary.
Speaking on Wednesday, Warren highlighted the fact that just four major banks—Bank of America, JP Morgan, Wells Fargo, and Citibank—accounted for half of all debanking complaints filed with the CFPB.
Then came the shocking moment:
“Donald Trump was on to a real problem when he criticized Bank of America for its debanking practices,” Warren admitted.
Yes, Warren—who has spent years attacking Trump as a threat to the economy—was now citing him as a voice of reason.
Of course, Warren’s sudden praise for Trump wasn’t a sign of newfound bipartisanship—it was a strategic move to prop up the CFPB by making it appear essential in the fight against unfair banking practices.
She doubled down, telling the Senate Banking Committee:
“We can prevent these abuses. I know that the Consumer Financial Protection Bureau is a favorite whipping boy of the Republicans on this committee, but the CFPB is the main agency in our government that is actively working to stop unfair debanking.”
And then, just in case anyone missed the point:
“The CFPB is the one agency fighting back against debanking, but that may be at risk.”
Her fear? That Trump’s Treasury Secretary and acting CFPB Director Scott Bessent has already frozen all CFPB rule-making, enforcement, and litigation against banks—a move Warren warned would leave Americans vulnerable to unfair account closures.
“The freeze Secretary Bessent put on the CFPB means more Americans across this country will be unfairly debanked, and they will lose the one agency that is working to help them.”
Make no mistake—this is damage control from Warren. She knows the CFPB’s unique funding structure is on the chopping block under Trump, and she’s trying to reframe the agency as the last line of defense against big banks.
But for Warren, praising Trump to save her beloved regulatory agency is no small irony. After all, she has spent years painting Trump as an economic villain. And yet, here she is, standing before Congress, using his words to defend the CFPB’s existence.