WASHINGTON, DC – As attention now turns to the nomination of a new director for the Consumer Financial Protection Bureau (CFPB), the Administration continues its attacks on the consumer protection and enforcement activity of the agency. Reports indicate that current Acting Director Russell Vought late yesterday fired dozens of staff and canceled contracts for CFPB work, including for enforcement and supervision. Center for Responsible Lending President Mike Calhoun issued the following statement:
In its short history, the Consumer Financial Protection Bureau has secured more than $21 billion in relief for around 200 million consumers. By stopping virtually all work at the Consumer Bureau, President Trump is giving financial companies a green light to cheat working Americans out of their hard-earned money.
The addition to the Consumer Bureau of DOGE-affiliated staff, who reportedly are violating cybersecurity protocols, threatens both the private information of consumers and trade secrets of financial businesses that could compete with the business ventures of the world’s richest man.
The work stoppage at the Consumer Bureau freezes well over $100 million in relief due to consumers illegally harmed by CashApp, threatens to take billions more out of consumers’ pockets, and puts our country at heightened risk of another financial crisis. President Trump should correct course and restart the Consumer Bureau’s essential work.
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Press Contact: Matthew Kravitz matthew.kravitz@responsiblelending.org