By Bob Katzen

Massachusetts Attorney General Andrea Campbell joined a coalition that includes 23 other state attorneys general, to warn against efforts by the Trump Administration to defund and disband the Consumer Financial Protection Bureau (CFPB). On February 9, the Trump Administration directed the CFPB to stop all its ongoing work and to not begin any new investigations.

Supporters of Campbell’s warning say that the CFPB is an important independent agency that ensures companies follow federal consumer protection laws by overseeing big banks, lenders, credit card companies and mortgage servicers. They note that since its creation in 2011, the CFPB has helped millions of Americans by assisting homeowners facing foreclosure stay in their homes, stopping banks from charging junk fees and returning more than $20 billion to the pockets of consumers nationwide.

In an amicus brief filed in the U.S. District Court for the District of Maryland, the coalition argues that dismantling the CFPB would significantly harm consumers and hamper enforcement of federal consumer protection laws.

“The CFPB serves as a beacon for consumer protection and economic justice, working to lower costs, alleviate student debt and more,” said Campbell. “They have been an important partner to my office as we pursue consumer protection cases on behalf of Massachusetts residents. I continue to support the vital mission of CFPB, especially at a time when families across the country are struggling with sky-high costs of living.”