Feb. 20, 2025
Carson City, NV — Today, Attorney General Aaron D. Ford joined a coalition of 23 attorneys general to fight back against the Trump administration and Elon Musk's reckless attempt to dismantle the Consumer Financial Protection Bureau (CFPB). 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. On February 9, the Trump administration ordered the CFPB to stand down — giving big banks and financial giants a free pass to rip off working families and halt ongoing work.
Since its creation, 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. The coalition argues in an amicus brief filed in the U.S. District Court for the District of Maryland that dismantling the CFPB would significantly harm consumers and hamper enforcement of federal consumer protection laws.
“The Consumer Financial Protection Bureau is an essential tool to make sure that Nevada consumers are protected from deceptive or unfair business practices,” said AG Ford. “This attempt to destroy the CFPB isn't just bad policy — it's a handout to the worst actors in the financial industry at the expense of hard-working Americans and Nevadans. I will fight the dismantling of the CFPB in any way that I can, and my office will continue its vital consumer protection work to ensure Nevadans are protected from bad actors.”
The CFPB was created after Wall Street crashed our economy in 2008, wiping out millions of Americans' savings. It was designed to keep banks and lenders in check — but now, the Trump administration wants to take the referees off the field. 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.
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 send a signal that there will be no oversight over big banks and financial institutions, 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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