Attorney General Andrea Campbell has joined a lawsuit of more than 20 state AGs to stop the Trump administration from „dismantling“ the Consumer Financial Protection Bureau.
Attorney General Andrea Campbell has joined a lawsuit of more than 20 state AGs to stop the Trump administration from “dismantling” the Consumer Financial Protection Bureau.
The Trump administration earlier this month ordered the CFPB to stop nearly all its work, effectively shutting down an agency that was created to protect consumers after the 2008 financial crisis. Billionaire Elon Musk, of the Department of Government Efficiency, has been taking aim at the CFPB.
The agency has been a target of conservatives since it was proposed by Sen. Elizabeth Warren and pushed by President Barack Obama in the 2010 financial reform legislation. Warren has been warning that shutting down the CFPB will leave the $18 trillion consumer lending market without guardrails and could result in a financial catastrophe.
Now, AGs across the country are taking the Trump administration to court over the CFPB shutdown. The 23 state AGs in an amicus brief filed in Maryland U.S. District Court argue that dismantling the CFPB would significantly harm consumers and hamper enforcement of federal consumer protection laws.
The coalition of AGs is calling on the federal court to issue a preliminary injunction.
“The CFPB serves as a beacon for consumer protection and economic justice, working to lower costs, alleviate student debt, and more,” Campbell said in a statement. “They have been an important partner to my office as we pursue consumer protection cases on behalf of Massachusetts residents.
