FOR IMMEDIATE RELEASE: Feb. 22, 2025

CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org

AFR Statement on Unlawful Step to Shut-Down CFPB Headquarters

Patrick Woodall, Managing Director for Policy:

The Trump administration’s plan to shut down CFPB headquarters is the latest unlawful attack on a government agency that truly works for people. Following mass purges, forcing staff onto administrative leave, slashing funding, freezing regulatory activity, and halting enforcement actions, this step is a blatant attempt to irreversibly shutter the agency in utter defiance of the law, even as the Trump administration is losing court cases for its overreach.

In the case of the CFPB, the administration is already under a suspension order imposed by Judge Amy Berman not to take key steps that would undermine the agency.

The CFPB was created by Congress after the 2008 financial crisis to keep Wall Street banks and predatory financial firms from fleecing people and to set the rules of the road for consumer financial services markets. It has obtained more than $21 billion in relief for people, and stopping its work is an invitation for bad actors to rip consumers off.

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