Protect the CFPB and Its $21 Billion in Consumer Returns

I am writing to urge you to take immediate action to protect the Consumer Financial Protection Bureau from the administration's ongoing attempts to dismantle it. On Tuesday, federal district court Judge Amy Berman Jackson ruled that the administration must continue seeking funding for the CFPB, rejecting legal arguments that would effectively close the agency. Judge Jackson noted that the administration is "actively and unabashedly trying to shut the agency down again, through different means," and warned that "today, the agency is hanging by a thread." The CFPB has returned over $21 billion to American consumers since its creation after the 2008 financial crisis, and not one penny of its funding comes from taxpayer dollars. The agency operates as Congress mandated, protecting people against fraud and predatory financial practices. When acting director Russell Vought ordered a stop to all agency work and sent layoff notices to about 1,400 workers in April, it became clear that the goal is elimination, not reform. A coalition of 21 states and the District of Columbia filed suit last week to prevent the defunding, arguing that the administration is too narrowly interpreting which Federal Reserve funds can support the agency. These legal battles should not be necessary to preserve an agency that serves such a vital consumer protection function. I am asking you to publicly support the CFPB's continued operation and full funding. Use your position to ensure that Congress fulfills its obligation to maintain this agency as originally intended. The CFPB collects consumer complaints against businesses and enforces protections that benefit ordinary Americans, not wealthy corporations seeking to avoid accountability. The agency's survival should not depend on court injunctions. It needs legislative champions who will defend its mission and funding structure. I urge you to be one of those champions and to oppose any efforts to weaken or eliminate consumer financial protections.