Tell Congress: Defend the CFPB's Mission to Protect Consumers
The Trump Administration is moving to illegally shutter the Consumer Financial Protection Bureau. The gravity of the attack cannot be overstated, endangering the entire economy as well as the critical work the consumer law community does to protect families from financial ruin and honest businesses from unscrupulous competitors.
Recently, President Trump fired CFPB Director Rohit Chopra, Elon Musk posted “CFPB RIP,” and Acting CFPB Director Russell Vought stated he would request $0 in funding and directed that nearly all of the CFPB’s work stop. Unvetted DOGE employees have gained access to CFPB data systems that contain highly sensitive consumer and business information, including Social Security numbers and other private data.
It is critical that consumers and advocates reach out to their elected representatives to make the case for the essential role of the CFPB in protecting people from unfair, deceptive, and abusive financial practices.
Financial companies have shown time and time again that they cannot police themselves. The Administration is trying to shut down an agency created by Congress to fix problems that caused over eight million people to lose their jobs and almost four million families to lose their homes during the Great Recession. The CFPB saves homes, stops fraud that ruins lives, and enforces key laws, securing $21 billion in relief for over 200 million people harmed by credit bureaus, big banks, debt collectors and predatory lenders.
The illegal actions to shut down the CFPB halt work to safeguard people’s private information, protect bank customers when hackers raid their accounts, and help families save their homes when they’re unfairly rushed to foreclosure. The CFPB now appears poised to roll over and play dead in pending lawsuits by big banks and credit bureaus, letting them overturn new rules returning $5 billion in excessive overdraft fees to struggling families and removing medical debt from credit reports.
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