FOR IMMEDIATE RELEASE: Oct. 15, 2025
CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org
OMB’s Vought Threatens Unlawful Dismantling of CFPB
Statement of Ericka Taylor, AFR Co-Executive Director:
Today, OMB Director Russell Vought unlawfully claimed he would eliminate the Consumer Financial Protection Bureau in its entirety within the next few months. The relentless assault on the CFPB gives a green light to big banks, payday lenders, Big Tech platforms, and predatory financial apps to profit by deceiving and gouging people. That the administration has no statutory authority to shutter congressionally authorized and funded agencies like the CFPB is bad enough, but this illegal dismantling of federal agencies also exposes real people to real financial harm. The CFPB exists because financial regulators failed to enforce consumer protection and fair lending law for decades. For nearly fifteen years, the Bureau has worked to make sure financial firms don’t get away with ripping people off. It created rules to prevent fraud and abuse, and it has returned over $20 billion to people who had been swindled by predatory finance. By shutting down the CFPB, Vought is just inviting big banks, predatory lenders, and Big Tech to nickel and dime working families, who are already struggling to make ends meet under Trumpflation.
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