CONGRESSMAN DANNY K. DAVIS SUPPORTS HOUSE DEMOCRATS’ DEFENSE OF THE CFPB AND AMERICAN CONSUMERS

CONGRESSMAN DANNY K. DAVIS SUPPORTS HOUSE DEMOCRATS' DEFENSE OF THE CFPB AND AMERICAN CONSUMERS

Washington, D.C. - Congressman Danny K. Davis (D-IL) today reaffirmed his strong support for the Consumer Financial Protection Bureau (CFPB) and joined his Democratic colleagues in pushing back against Republican-led efforts to dismantle the agency that protects American consumers.

In an amicus brief led by Ranking Member Maxine Waters (CA-43) and supported by 203 House Democrats, House leaders made clear that the Trump Administration's attempts to shut down the CFPB are unlawful, unconstitutional, and a direct attack on consumer protections. The brief was filed in the case of National Treasury Employees Union (NTEU), et al. v. CFPB Acting Director Russell Vought, et al., currently before the U.S. District Court for the District of Columbia.

"For over a decade, the CFPB has stood as a powerful watchdog against financial abuses, returning over $21 billion to more than 205 million defrauded consumers," said Congressman Davis. "Now, we see a calculated effort to gut the agency, led by Donald Trump and his billionaire allies, which would leave working families vulnerable to unchecked corporate greed."

Congressman Davis emphasized that eliminating the CFPB would allow predatory lenders, big banks, and debt collectors to resume the very practices that led to the 2008 financial crisis-a crisis that robbed millions of their jobs, homes, and financial security.

"The attack on the CFPB is an attack on everyday Americans who rely on strong financial protections," Davis continued. "House Democrats will not stand by as Trump and his unelected operatives dismantle safeguards that Congress put in place to prevent another economic collapse."

The amicus brief outlines how recent actions taken against the CFPB-including stop-work orders, mass termination plans, and attempts to seize sensitive consumer data-blatantly violate the Constitution and the Dodd-Frank Act, which established the Bureau in 2010.

CFPB Protections at Risk

If Trump's efforts to gut the CFPB succeed, key consumer protections would be severely weakened or eliminated, including:

• Small Business Lending Transparency: Ensuring fair access to capital for entrepreneurs and small business owners.
• Overdraft Fee Regulations: Preventing banks from charging excessive fees that disproportionately impact low-income consumers.
• Medical Debt Credit Protections: Stopping unfair medical debt from tanking Americans' credit scores.

The House Democratic Leadership, including Leader Hakeem Jeffries, Assistant Leader Joe Neguse, and Judiciary Committee Ranking Member Jamie Raskin, have all echoed the urgent need to preserve the CFPB and protect working families from financial exploitation.

"I will continue fighting alongside my colleagues to defend the CFPB, protect American consumers, and hold corporations accountable," Congressman Davis concluded.

Next Steps

A hearing on the plaintiffs' motion to block the dismantling of the CFPB is scheduled for Monday, March 3, in the U.S. District Court for the District of Columbia.

The full amicus brief is available HERE.