FOR IMMEDIATE RELEASE: Feb. 24, 2026
CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org
Nearly 100 Groups Are Standing Up for a Strong, Robust, and Independent CFPB
Any attack on the CFPB’s independence or ability to fulfil its consumer protection mandate is an attack on the financial security of everyday people
Washington D.C. – Today a coalition of 81 national and state civil rights, community, consumer protection, and other advocacy organizations, called on Congress to affirm the dedicated funding and the single independent director structure of the Consumer Financial Protection Bureau (CFPB).
Over the past year, there have been countless attacks on the CFPB, the only agency with the sole mission to protect people from financial abuse like illegal overdraft fees, sky-high credit card late fees, and scams that target older people and members of the military. But instead of letting the CFPB do its job, there have been waves of illegal firings, rolled back enforcement actions, and drastic funding cuts.
The letter to the Senate can be found here.
“Wall Street and Silicon Valley would like nothing more than to take down the agency that safeguards the financial security of everyday families and make it easier to rip people off without consequences,” said Tom Feltner, associate director of consumer policy at the Americans for Financial Reform. “The CFPB needs the funding and independent leadership to protect people from the debt traps, junk fees, and scams that make everything more expensive.”
The letter notes: “The CFPB’s work and mission are currently under attack through dropped enforcement cases, roll-backs of consumer protections, mass illegal firings, and stop work orders. These efforts compound the affordability crises most people are facing by adding higher interest costs and junk fees that make it harder to make ends meet.”
Without a stable funding stream and single director structure, which the Supreme Court previously ruled were constitutional, the agency would be vulnerable to the retaliation of the financial firms and their industry friendly allies. Congress required that the Federal Reserve fund the CFPB. It also required that the agency be led by a single director who is accountable to Congress and the President to enable the CFPB to vigorously enforce the laws that protect the financial security of everyday people.
The letter concludes: “Members of Congress must stand up vigorously to the unlawful effort to dismantle the CFPB, and not compromise with an administration focused on letting wealthy corporations prey upon everyday families struggling to make ends meet. The CFPB is a critical agency that lowers costs for people across the country by preventing ripoffs, junk fees, and unfair terms and conditions in consumer finance. Congress must preserve the CFPB’s independent funding and single director structure to protect the public and hold bad actors accountable.”
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