Attorney General Kwame Raoul has joined a coalition of 23 attorneys general to support the Consumer Financial Protection Bureau (CFPB) employees against an order from the Trump administration and Elon Musk to halt their work. The coalition filed an amicus brief in the United States District Court for the District of Columbia, advocating for CFPB workers who have helped recover over $20 billion for consumers.
Raoul stated, "The CFPB expanded upon the work of states and federal partners to become the primary agency setting national rules to reign in the unfair and deceptive mortgage lending and servicing that directly led to the Great Recession." He emphasized his office's collaboration with the CFPB in protecting Illinois consumers and expressed pride in opposing attempts to dismantle this agency.
The CFPB was established by Congress in 2011 after the Great Recession to enforce federal consumer protection laws. It oversees major financial institutions, ensuring compliance with these laws. On February 9, directives from the Trump administration instructed the CFPB to cease ongoing investigations and refrain from starting new ones. Raoul and his colleagues argue that this could hinder consumers' ability to report fraud or deception, reducing oversight on large banks.
Since its inception, the CFPB has collaborated with state attorneys general on various consumer issues related to banking, student loans, mortgages, and auto lending. It has been involved in halting deceptive practices by companies alongside Attorney General Raoul’s office.
This action follows another brief filed by Raoul supporting plaintiffs in a Maryland federal district court lawsuit aimed at preventing defunding of the CFPB.
Joining Raoul are attorneys general from Arizona, California, Colorado, Connecticut, Delaware, Washington D.C., Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island Vermont Washington Wisconsin.