Urge Reconsideration of CFPB Dismantlement Efforts

I am writing to urge you to reconsider your administration's efforts to dismantle the Consumer Financial Protection Bureau. The agency has returned over $21 billion to American consumers since its creation, and this success comes without costing taxpayers a single dollar. These are real results that have helped millions of Americans recover money lost to fraud and predatory practices. Federal District Court Judge Amy Berman Jackson ruled on Tuesday that your administration must continue seeking funding for the CFPB, rejecting the legal argument that the agency cannot be funded because the Federal Reserve is operating at a loss. Judge Jackson noted that the administration was "actively and unabashedly trying to shut the agency down again, through different means," and warned that accepting your administration's position "would be tantamount to closing what is left of the Bureau." She emphasized that the agency is now "hanging by a thread." The CFPB was created after the 2008 financial crisis specifically to protect consumers against the kind of fraud and predatory practices that devastated American families and nearly collapsed our economy. The agency collects complaints against businesses and holds bad actors accountable. When Acting Director Russell Vought ordered a stop to all work at the agency and sent layoff notices to about 1,400 workers in April, it signaled an abandonment of this consumer protection mission. A coalition of 21 states and the District of Columbia filed suit last week to prevent the defunding, demonstrating broad concern about eliminating this watchdog. The legal battles and uncertainty are creating chaos while leaving consumers vulnerable. I respectfully ask that you allow the CFPB to continue its congressionally mandated mission of protecting American consumers. The agency's track record of returning billions to citizens who were wronged by financial institutions demonstrates its value. Preserving consumer protection should be a priority that transcends political differences.