Press Release  AG Campbell Files Second Brief Defending Consumer Financial Protection Bureau

BOSTON — Attorney General Andrea Joy Campbell today joined a coalition of 23 attorneys general in submitting a second amicus brief in National Treasury Employees Union v. Russell Vought in support of Consumer Financial Protection Bureau (CFPB) workers who have helped return more than $20 billion to defrauded consumers, slashed junk fees, and stopped predatory auto and mortgage lenders. CFPB employees were told by the Trump administration and Elon Musk to stop working on cases investigating deceptive and abusive conduct by companies.

In their brief, the coalition argues that the administration’s efforts to destroy the CFPB could prevent consumers from reporting issues of fraud or deception. The coalition also writes that efforts to shut down the CFPB would significantly reduce oversight of big banks, further harming consumers. The attorneys general warn that this may lead to financial institutions loosening their regulatory compliance, as was seen in the years leading up to the financial crisis.

The CFPB is an independent agency that oversees big banks, lenders, credit card companies, and mortgage servicers and ensures companies are following federal consumer protection laws. This is the second action this week by AG Campbell to defend the CFPB.

On February 9, the Trump administration directed the CFPB to stop all its ongoing work and to not begin any new investigations. The CFPB was formed in 2011 following the Great Recession and mortgage lending crisis to enforce federal consumer protection laws. Since its creation, the CFPB has worked with state attorneys general to address consumer issues related to banking, student loan servicers, mortgage servicers, auto lending, and other consumer financial matters. The CFPB has also partnered with attorneys general to stop deceptive, unfair, and abusive conduct by companies. As a result of the Trump administration's actions, the nation's largest banks are no longer being closely watched for compliance with key consumer protections by any federal regulator. 

Joining AG Campbell in filing today’s brief are the attorneys general of Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, Wisconsin, and the District of Columbia.

###