23 AGs File
Second Amicus Brief Supporting CFPB, Arguing Trump Administration’s Order for
CFPB Employees to Stop Working Will Harm Everyday Americans
Feb. 21, 2025
Carson City, NV — Today, Attorney General Aaron D. Ford joined a coalition of 23 attorneys general to keep the Consumer Financial Protection Bureau (CFPB) functional by supporting federal employees who were told by the Trump administration and Elon Musk to stop working on cases investigating deceptive and abusive conduct by companies. This is the second amicus brief that AG Ford has signed on in support of the CFPB in the face of efforts to dismantle the vital organization.
The coalition submitted an amicus brief in National Treasury Employees Union v. Russell Vought in support of CFPB workers who have helped return more than $20 billion to defrauded consumers, slashed junk fees and stopped predatory auto and mortgage lenders. The CFPB is an independent agency that oversees big banks, lenders, credit card companies and mortgage servicers and ensures companies are following federal consumer protection laws.
"I will continue to fight to ensure the CFPB is not gutted and that Nevada consumers are protected from the worst actors in the financial industry,” said AG Ford. “The effort to destroy the CFPB by the Trump administration and Elon Musk will directly harm Nevadans if allowed to continue, and I will fight to protect our state’s residents in any way I can.”
On February 9, the Trump administration directed the CFPB to stop all its ongoing work and to not begin any new investigations. The CFPB was formed in 2011 following the Great Recession and mortgage lending crisis to enforce federal consumer protection laws. Since its creation, the CFPB has worked with state attorneys general to address consumer issues related to banking, student loan servicers, mortgage servicers, auto lending, and other consumer financial matters. The CFPB has also partnered with attorneys general to stop deceptive, unfair, and abusive conduct by companies. As a result of the Trump administration's actions, the nation's largest banks are no longer being closely watched for compliance with key consumer protections by any federal regulator.
The CFPB has helped millions of Americans by helping homeowners facing foreclosure stay in their homes; stopping banks from charging junk fees; and returning more than $20 billion to Americans nationwide, including to consumers right here in Nevada. The CFPB has also worked to crack down on predatory payday lenders, an issue close to home for many Nevadans. According to the Center for Responsible Lending, the interest rate on a $400 single payment payday loan in Nevada is 548%, one of the highest rates in the country.
In their brief, the coalition argues that the administration’s efforts to destroy the CFPB could prevent consumers from reporting issues of fraud or deception. The coalition also writes that efforts to shut down the CFPB would significantly reduce oversight of big banks, further harming consumers. The attorneys general warn that this may lead to financial institutions loosening their regulatory compliance, as was seen in the years leading up to the financial crisis.
Joining AG Ford in filing today’s brief are the attorneys general of Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, Wisconsin, and the District of Columbia.
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