In response to the Trump administration attempting to close down the CFPB, DNC Chair Ken Martin released the following statement: 

“The Consumer Financial Protection Bureau has put billions of dollars back into the pockets of families who were cheated by financial predators. Let’s be honest: the only reason a person in power would shut down America’s consumer watchdog is because that person is corrupt – and they want to do corrupt things – and they don’t like when anybody stops them from being corrupt. Trump and Musk are billionaire scam artists. They’re removing all the pesky obstacles and barriers that could get in the way of their fat cat friends making money by defrauding hard-working Americans.”

NEW: Trump wants to shut down the Consumer Financial Protection Bureau, an extremely popular agency that has successfully returned $19.7 billion to working families.

CNN: “Consumer watchdog ordered to stop fighting financial abuse and to work from home as HQ temporarily shuts down”

“Vought had sent an email Saturday night ordering all employees at the consumer watchdog to stop virtually all work — including fighting financial abuse.

“‘Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall…cease all supervision and examination activity,’ Vought wrote in the email, a copy of which was viewed by CNN.”

Lake Partners Research: “[N]early 4 in 5 say they favor the agency (79%).

“Voters are overwhelmingly supportive across party lines. Two-thirds of independents (64%), three quarters of Republicans (75%), and over eight in ten Democrats (86%) support the CFPB. Intensity among Democrats is particularly high – a majority strongly favor the agency (51%).”

Consumer Financial Protection Bureau: “As of January 30, 2025, CFPB enforcement actions have resulted in:

“$19.7 billion in consumer relief … 195 million people eligible for relief … [and] $5 billion in civil money penalties” 

The CFPB has a long, successful track record of holding banks and corporations accountable for fraud, scams, and discrimination while putting money back in the pockets of working families, veterans, and students. 

Politico: “Wells Fargo Slammed With $3.7B Penalty, In Record CFPB Settlement”

Washington Post: “Bank of America agreed Wednesday to pay nearly $800 million in penalties for deceiving millions of customers into buying costly and unneeded services when they signed up for credit cards.” 

Consumer Financial Protection Bureau: “[T]he Consumer Financial Protection Bureau (CFPB) [ordered] Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by its illegal surprise overdraft fees.”

New York Times: “For years, Wells Fargo employees secretly issued credit cards without a customer’s consent. They created fake email accounts to sign up customers for online banking services. They set up sham accounts that customers learned about only after they started accumulating fees.

“On Thursday, these illegal banking practices cost Wells Fargo $185 million in fines, including a $100 million penalty from the Consumer Financial Protection Bureau.”

Consumer Financial Protection Bureau: “CFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme”

Military Times: “Troops will get part of a $5M settlement in alleged title loan scam”

New York Times: “The Consumer Financial Protection Bureau in 2016 accused Navy Federal employees of falsely threatening to alert service members’ commanders about past-due debts. That year, Navy Federal paid $23 million in compensation to consumers in addition to a $5.5 million civil penalty.”

Consumer Financial Protection Bureau: “CFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures” 

Consumer Financial Protection Bureau: “CFPB has allocated $11 million for consumers harmed by illegal student loan debt relief operation”

Consumer Financial Protection Bureau: “Today the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank, for discriminatory auto loan pricing and for illegal credit card practices. The joint CFPB and Department of Justice (DOJ) auto-lending enforcement action requires Fifth Third to change its pricing and compensation system to minimize the risks of discrimination, and to pay $18 million to harmed African-American and Hispanic borrowers.” 

PROJECT 2025: Trump installed Project 2025 “chief architect” Russ Vought to shutter the CFPB – another Project 2025 goal. 

Project 2025’s Mandate for Leadership, pg. 839: “Congress should abolish the CFPB and reverse Dodd–Frank Section 1061, thus returning the consumer protection function of the CFPB to banking regulators and the Federal Trade Commission.”

Associated Press: “Consumer watchdog chief tells all staff to cease work”

“‘Employees should not come into the office. Please do not perform any work tasks,’ Acting CFPB Director Russell Vought said in an email to all staff.

“The move underscored tumult at the federal regulator since Vought, a longtime budget hawk and architect of the right-wing policy manifesto known as Project 2025, which called for the CFPB’s abolition, took control of the agency on Friday.”