Warren, Schumer, Waters Lead Nearly 200 Members of Congress in Amicus Brief Challenging the Trump Administration's Illegal Efforts to Dismantle the CFPB

Warren, Schumer, Waters Lead Nearly 200 Members of Congress in Amicus Brief Challenging the Trump Administration's Illegal Efforts to Dismantle the CFPB

Amicus brief follows Warren joining advocates, CFPB union members at the Capitol marking one-year anniversary of Trump attack on agency

New report today finds Trump's attack on the CFPB has cost Americans $19 Billion in one year alone

Text of Amicus Brief (PDF) | Livestream of Today's Capitol Event (X) | Link to Costs Report (PDF)

Washington, D.C. - Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, Senate Democratic Leader Chuck Schumer (D-NY), and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee led nearly 200 members of Congress - including every Senate Democrat and Independent and former members including Sen. Chris Dodd and Rep. Barney Frank- in an amicus brief challenging the Trump Administration's attempts to dismantle the Consumer Financial Protection Bureau (CFPB). The amicus brief was filed ahead of a hearing before the full U.S. Court of Appeals for the D.C. Circuit later this month - and comes on the one-year anniversary of the Trump Administration's issuing stop-work orders and attempting to fire nearly the entire CFPB staff.

"Since its creation, the CFPB has successfully protected consumers from unfair and predatory practices in the financial services industry," wrote the Lawmakers. "Yet Appellants now seek to effectively shutter the Bureau. Wherever the line may be between the sorts of routine changes in policies and priorities that occur from one administration to another and the evisceration of an agency's ability to fulfill its statutory mandates, Appellants have crossed it: 'firing all probationary and term-limited employees without cause, cutting off funding, terminating contracts, closing all of the offices, and implementing a reduction in force . . . that would cover everyone else.'"

Read the Amicus Brief HERE.

Also today, Minority Staff on the Senate Banking, Housing, and Urban Affairs Committee released a report finding that Trump's attack on the CFPB has cost Americans up to $19 billion over the past year alone.

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