Attorney General Andrea Joy Campbell, along with a coalition of 23 attorneys general, has submitted a second amicus brief in the case of National Treasury Employees Union v. Russell Vought. The brief supports Consumer Financial Protection Bureau (CFPB) workers who have played a role in returning over $20 billion to defrauded consumers and combating predatory practices in the financial sector.
The coalition argues that efforts by the Trump administration to dismantle the CFPB could hinder consumers from reporting fraud or deception. They caution that shutting down the CFPB would reduce oversight of large banks, potentially leading to decreased regulatory compliance similar to what occurred before the financial crisis.
The CFPB is an independent agency responsible for overseeing major financial institutions and ensuring adherence to federal consumer protection laws. This recent action marks AG Campbell's second move this week in defense of the CFPB.
On February 9, directives from the Trump administration instructed the CFPB to halt all ongoing work and refrain from initiating new investigations. Established in 2011 after the Great Recession, the CFPB was designed to enforce consumer protection laws and has collaborated with state attorneys general on various financial issues. The agency has been instrumental in addressing deceptive practices by companies but now faces reduced scrutiny over large banks due to these directives.
Joining AG Campbell 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.