1. United States
2. Calif.
3. Letter

The Trump administration's decision to effectively shut down the Consumer Financial Protection Bureau (CFPB) is deeply concerning and detrimental to the interests of American consumers. The CFPB plays a crucial role in protecting consumers from predatory financial practices, unfair fees, and other forms of exploitation by financial institutions. Since its establishment in 2010, the CFPB has recovered nearly $20 billion in financial relief for consumers who have been victims of deceptive or abusive practices. Just last month, the bureau sued Capital One for allegedly misleading customers and costing them over $2 billion in lost interest payments. Instances like these highlight the vital role the CFPB plays in holding powerful financial institutions accountable and safeguarding the rights of ordinary Americans. Ordering the CFPB to cease all supervisory, investigative, and rulemaking activities is a disservice to the public interest. It leaves consumers vulnerable to potential misconduct and wrongdoing by financial companies, without a robust watchdog to oversee their practices and enforce consumer protection laws. Furthermore, the decision to cut off the CFPB's funding from the Federal Reserve undermines the agency's independence and ability to operate effectively without political interference. This move threatens to undermine the very principles upon which the CFPB was founded – to serve as an impartial guardian of consumer interests, free from undue influence. The CFPB's work has been instrumental in promoting fairness, transparency, and accountability in the financial sector. Dismantling or crippling this agency would be a significant setback for consumer rights and could pave the way for a resurgence of the predatory practices that contributed to the 2008 financial crisis. I urge you to reconsider this misguided decision and allow the CFPB to continue its vital mission of protecting American consumers from harmful financial practices. The agency's work is essential to maintaining a fair and well-functioning financial system that works for all, not just the powerful few.