Attorney General Kris Mayes has joined a coalition of 23 attorneys general to oppose efforts by the Trump administration and Elon Musk to dismantle the Consumer Financial Protection Bureau (CFPB). The CFPB, an independent agency, is responsible for overseeing financial institutions and ensuring compliance with federal consumer protection laws.
Attorney General Mayes emphasized the importance of the CFPB, stating, "The Consumer Financial Protection Bureau has been a crucial safeguard for Arizonans and all Americans, holding big banks and lenders accountable while putting billions of dollars back in consumers’ pockets." She warned that dismantling the bureau would benefit financial institutions at the expense of working families, increasing their risk of fraud and financial exploitation.
Since its inception following the Great Recession in 2011, the CFPB has played a significant role in assisting homeowners facing foreclosure, curbing junk fees by banks, and returning over $20 billion to consumers. The coalition argues in an amicus brief filed in the U.S. District Court for the District of Maryland that eliminating the CFPB would severely impact consumer protection enforcement.
On February 9, directives from the Trump administration halted ongoing work at the CFPB and prohibited new investigations. This move has left large banks without close federal oversight regarding key consumer protections. The coalition's brief suggests that these actions could deter consumers from reporting fraud or deception and reduce regulatory oversight on major banks.
Joining Attorney General Mayes are attorneys general from California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, Wisconsin, and the District of Columbia.
A copy of the brief is available below.