Attorney General Jennifer Davenport joined almost two dozen other attorneys general in a letter opposing a plan to strip the Consumer Financial Protection Bureau of much of its staff.
Davenport said the Trump administration is attempting to turn a 72-person supervision team in the Office of Supervision Policy into one position, making it infeasible to supervise the market. They said the plan’s aim to “eliminate non-essential roles” would only hurt consumers.
“Instead of trying to drive down costs and make life more affordable, the CFPB under President Trump has rolled back critical financial protections that were on track to save consumers billions of dollars,” Davenport said. “Now, at the height of a national affordability crisis, the CFPB is signaling its plan to decimate its tools to police financial institutions and prevent fraudsters from stealing consumers’ hard-earned dollars.”
Congress created the CFPB in 2011 after the Great Recession to address fraud and predatory schemes affecting consumers. The Trump administration has sought to cripple the agency, cutting funding and terminating staff. New Jersey is suing the Trump administration in an attempt to protect funding for the agency.
“If finalized as written, the CFPB’s draft Strategic Plan for fiscal years 2026 through 2030 would continue this abdication of statutory duty by severely reducing staff, undermining the agency’s statutory obligation to supervise financial institutions, placing a greater burden on states to supervise entities and enforce consumer protection laws, and would result in less relief and protection for consumers,” the letter states.