The Trump administration's actions to essentially close the Consumer Financial Protection Bureau is deeply concerning.
Ordering the CFPB to cease its work, including investigations, rulemaking, and supervision, effectively renders the agency toothless and unable to fulfill its mandate of protecting American consumers. This decision puts the interests of large banks and corporations above those of hardworking families and individuals. The CFPB has secured billions of dollars in relief for consumers and implemented measures to curb abusive practices such as excessive overdraft fees and the sale of personal data.
Dismantling these efforts risks a return to the kind of unchecked behavior that contributed to the 2008 financial crisis. It is imperative that the CFPB be allowed to continue its work without interference. The financial industry must be subject to strong, independent oversight to ensure fair and transparent practices. Protecting the CFPB is essential to prevent another financial meltdown and to safeguard the interests of consumers against exploitation by powerful financial institutions.
Please work to ensure the Consumer Financial Protection Bureau is allowed to continue its oversight.
