Attorney General Andrea Joy Campbell has joined a coalition of 23 state attorneys general in opposing efforts by the Trump Administration and Elon Musk to dismantle the Consumer Financial Protection Bureau (CFPB). The agency, responsible for enforcing federal consumer protection laws, oversees major financial entities such as banks and mortgage servicers.
In an amicus brief filed with the U.S. District Court for the District of Maryland, the coalition argues that removing the CFPB would harm consumers and weaken enforcement of consumer protection laws. Since its establishment, the CFPB has aided millions by preventing foreclosures, stopping unfair bank fees, and returning over $20 billion to consumers.
"The CFPB serves as a beacon for consumer protection and economic justice," said AG Campbell. "They have been an important partner to my office as we pursue consumer protection cases on behalf of Massachusetts residents."
On February 9, the Trump Administration instructed the CFPB to cease all ongoing activities and refrain from initiating new investigations. The coalition's brief contends that this directive could prevent consumers from reporting fraud or deception and reduce oversight of large banks.
The CFPB was established in 2011 after the Great Recession to enforce federal consumer protection laws. It has collaborated with state attorneys general on various financial issues. Due to recent actions by the Trump Administration, major banks are no longer under close federal regulatory scrutiny for compliance with key consumer protections.
Joining AG Campbell in filing this brief are attorneys general from Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, Wisconsin, and the District of Columbia.