Restore CFPB Funding to Protect Consumers from Wall Street Fraud

The Consumer Financial Protection Bureau (CFPB) faces a shutdown as soon as October after a recent 45% funding cut. CFPB protects working people from financial fraud. Without a functional CFPB, there is no consumer oversight of big banks like Chase, Wells Fargo, Citibank, & Bank of America.

Since becoming CFPB acting director, Project 2025 author Russell Vought has been working to dismantle the agency from within. Vought let companies keep $18 Billion owed to consumers, including an $80 million refund for service members. He spent $5 million of CFPB’s funds on personal bodyguards while refusing another $1 Billion in financial relief that expires Sept 30.

Vought received Trump judges’ permission to dismantle the CFPB and fire its 1,500 workers as soon as October, paving the way for more unchecked fraud. Without restored CFPB funding, working people will pay the price with:

• More fraud: Consumer complaints to CFPB are up 130% over last year.
• No response to fraud, foreclosure, and mortgage complaints: Without a fully funded and fully staffed CFPB, consumer complaints go into a black hole with no response, as thousands did in February during Vought’s first shutdown attempt.
• No help for service members: CFPB’s Office of Servicemembers Affairs assists military members and veterans who are victims of financial fraud. Vought fought in court for permission to cut the office and fire the veterans on its staff.

Legislation to restore funding to the CFPB has been introduced by Senator Catherine Cortez Masto (D-NV). The Stop the Scammers Act, S. 2429, would strengthen the CFPB by increasing its funding cap and creating incentives and protections for whistleblowers who report violations of consumer financial laws.

The CFPB helps and protects everyday Americans from fraud and financial theft, demand your representatives support S.2429 and immediately restore CFPB funding.

Content for this call topic kindly provided by CFPB Union NTEU 335