FOR IMMEDIATE RELEASE: June 27, 2025
CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org
Nearly 200 groups demand Senate oppose defunding critical consumer protection agency
Attacks on CFPB’s structure and budget would hurt everyday people
WASHINGTON, D.C.- Today a group of 193 civil rights, community, consumer, labor, faith-based, small business, farm, and other organizations urged the Senate to stand up for the Consumer Financial Protection Bureau (CFPB) and oppose devastating attacks on its budget and independence in the budget reconciliation bill. The legislation would severely cut the CFPB’s budget while both the Trump administration and the Republican-led Congress are trying to completely stop the agency’s ability to protect consumers and enforce the law against bad actors.
The letter to the Senate can be found here.
The CFPB’s vital mission is under fierce attack, both legislatively, through Congress’s repeal of consumer protection safeguards as well as through repeated illegal attempts to fire most of the CFPB’s staff. The Trump-led CFPB has permanently dismissed 22 enforcement actions, and even attempted to undo settled cases, which experts estimate have already cost harmed consumers $18 billion.
“Congress must work to keep the CFPB fully funded and independent, so that it can continue to protect people from rip-offs, junk fees, fraud, and unfair treatment,” said Patrick Woodall, managing director for policy at the Americans for Financial Reform.
The letter describes the critical mission and functions of the CFPB and documents the tangible benefits the agency has delivered to people — homeowners, military servicemembers, older people, and everyone — including returning $21 billion to 200 million people through its enforcement actions and saving tens of billions more by implementing commonsense safeguards. As the letter states, “The CFPB’s robust record of getting things done is precisely what makes the agency objectionable to banks, Big Tech, credit card companies, fringe financial firms, fintech companies, and credit bureaus that want to be able to get away with treating people unfairly and breaking the law.”
Congress structured the CFPB as a strong, independent, properly funded agency to hold predatory lenders, powerful Wall Street banks, and financial tech firms accountable for frauds, scams, discriminatory lending practices, and other misconduct.
The letter concludes: “The CFPB’s rules, supervision, and enforcement protect people from fraud, junk fees, and unfair and deceptive practices that leave people with less money in their pockets every month and deprive families of the opportunities to build economic security and wealth. The CFPB has taken on corporate lawbreakers and helped families make ends meet. We urge you to do everything in your power to make sure this work continues and is not stopped by attacks on the CFPB’s independence, mission, funding, or regulatory safeguards.”
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