1. United States
2. Ind.
3. Letter

The Trump administration's drastic cuts and restructuring at the Consumer Financial Protection Bureau (CFPB) have left consumers vulnerable to predatory practices and fraud from financial institutions. Over 150 employees have been terminated, amounting to 9% of the agency's workforce, with the potential for up to 95% of staff being fired. This crippling of the CFPB undermines its core mission established in 2011 under the Dodd-Frank Act to regulate consumer financial products and services in the wake of the 2008 economic crisis. The CFPB has returned over $21 billion to Americans through means like fee refunds, debt cancellation, and loan reductions, all on a relatively modest budget. Its recent actions like capping credit card late fees, suing Zelle over consumer fraud issues, and holding banks accountable for misleading advertising demonstrate its critical role as a consumer watchdog. Allowing the dismantling of this agency would leave the public defenseless against exploitative practices from powerful financial entities. We urge you to take immediate action to protect the CFPB's mandate and staffing levels. Preventing further cuts will safeguard consumers' financial wellbeing and help avert another economic disaster caused by unchecked corporate greed. The CFPB plays a vital role in upholding fair practices and must be preserved to fulfill its Congressional directives.