![]()
Democratic lawmakers are challenging the administration’s attempt to dismantle the Consumer Financial Protection Bureau (CFPB) by denying the agency the funds it needs to operate.
Sen. Elizabeth Warren (D-MA) and Rep. Maxine Waters (D-CA) led every Democrat on the Senate Banking Committee and 22 Democrats on the House Financial Services Committee in filing a court brief supporting NTEU’s lawsuit.
NTEU’s lawsuit, filed in February, challenges the administration’s illegal effort to shut down CFPB.
Established by Congress in response to the 2008 financial crisis, the CFPB is tasked with overseeing financial institutions and protecting consumers from predatory practices. Since its inception, the agency has recovered billions of dollars for American citizens and helped create a fairer, more transparent financial marketplace
The lawmakers were joined by former Sen. Chris Dodd (D-CT) and former Rep. Barney Frank (D-MA), who wrote the Dodd-Frank Act that created the agency and specified how the CFPB is funded. In their brief, lawmakers argued that CFPB Acting Director Russell Vought’s interpretation of Dodd-Frank is at odds with Congress’s plans to provide a consistent and stable funding stream to the CFPB.
We thank these current and former lawmakers for standing up for NTEU-represented employees at the CFPB and the American taxpayers who benefit from the agency’s work.