National CAPACD strongly opposes the Administration’s actions to dismantle the Consumer Financial Protection Bureau (CFPB), which halts all the work the agency does to protect consumers from predatory financial products and services. On Monday, Russell Vought, the newly appointed acting head of the CFPB, closed the Bureau’s offices and instructed all employees to refrain from doing any work, effective immediately. This includes creating and enforcing regulations and addressing consumer complaints against financial entities accused of fraudulent or exploitative practices.

“We condemn this attack on the CFPB,” states Seema Agnani, Chief Executive Officer of National CAPACD. “These efforts to undermine the main agency responsible for protecting consumers  expose the public to a great deal of harm, including the low-income AA and NHPI families and other vulnerable communities that face a significant amount of financial hardship and are disproportionately targeted by unscrupulous actors.”

The Bureau was formed in the wake of the 2008 financial crisis, when an agency dedicated exclusively to keeping consumers safe from predatory market practices was urgently needed to help people stay in their homes and curb severe financial abuse. Since its inception, the CFPB has put more than $20 billion into the pockets of over 200 million harmed consumers. Recent wins include regulations passed by the Bureau to cap credit card late fees, curb excessive overdraft fees, and remove medical debt from credit reports. Recognizing that language access is critical to promoting a fair financial marketplace, the Bureau offers resources in six non-English languages. This helps immigrants understand their rights as consumers and protect their financial assets.

Unfortunately, the most recent actions to hamstring the CFPB will not be the last. Acting Director Vought has stated his intention to zero out funding. Through his Department of Government Efficiency (DOGE), Elon Musk is also targeting the Bureau, and some members of Congress have introduced legislation that would weaken or dismantle the agency. We encourage you to contact your representatives and senators and let them know the indispensable role the CFPB plays in creating a safe financial marketplace and urge them to secure the Bureau’s strength and independence.