{"id":1051257,"date":"2025-02-11T10:12:57","date_gmt":"2025-02-11T15:12:57","guid":{"rendered":"https:\/\/democrats.org\/?p=1051257"},"modified":"2025-02-11T10:12:58","modified_gmt":"2025-02-11T15:12:58","slug":"%f0%9f%9a%a8cfpb-put-19-7b-back-in-americans-pockets-now-trump-and-his-corrupt-billionaire-cabinet-want-to-shut-it-down","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/%f0%9f%9a%a8cfpb-put-19-7b-back-in-americans-pockets-now-trump-and-his-corrupt-billionaire-cabinet-want-to-shut-it-down\/","title":{"rendered":"\ud83d\udea8CFPB Put $19.7B Back in Americans\u2019 Pockets \u2013 Now Trump And His Corrupt Billionaire Cabinet Want to Shut It Down"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

In response to the Trump administration attempting to close down the CFPB, <\/em>DNC Chair Ken Martin released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cThe Consumer Financial Protection Bureau has put billions of dollars back into the pockets of families who were cheated by financial predators. Let\u2019s be honest: the only reason a person in power would shut down America\u2019s consumer watchdog is because that person is corrupt \u2013 and they want to do corrupt things \u2013 and they don\u2019t like when anybody stops them from being corrupt. Trump and Musk are billionaire scam artists. They\u2019re removing all the pesky obstacles and barriers that could get in the way of their fat cat friends making money by defrauding hard-working Americans.\u201d<\/p>\n\n\n\n

NEW: Trump wants to shut down the Consumer Financial Protection Bureau, an extremely popular agency that has successfully returned $19.7 billion to working families.<\/strong><\/p>\n\n\n\n

CNN<\/a>: \u201cConsumer watchdog ordered to stop fighting financial abuse and to work from home as HQ temporarily shuts down\u201d<\/strong><\/p>\n\n\n\n

\u201cVought had sent an email Saturday night ordering all employees at the consumer watchdog to stop virtually all work <\/strong>\u2014 including fighting financial abuse.<\/p>\n\n\n\n

\u201c\u2018Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall\u2026cease all supervision and examination activity,\u2019 Vought wrote<\/strong> in the email, a copy of which was viewed by CNN.\u201d<\/p>\n\n\n\n

Lake Partners Research<\/a>: \u201c[N]early 4 in 5 say they favor the agency (79%).<\/strong><\/p>\n\n\n\n

\u201cVoters are overwhelmingly supportive across party lines. Two-thirds of independents (64%), three quarters of Republicans (75%), and over eight in ten Democrats (86%) support the CFPB<\/strong>. Intensity among Democrats is particularly high \u2013 a majority strongly favor the agency (51%).\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cAs of January 30, 2025, CFPB enforcement actions have resulted in:<\/strong><\/p>\n\n\n\n

\u201c$19.7 billion in consumer relief <\/strong>\u2026 195 million people eligible for relief \u2026 [and] $5 billion in civil money penalties\u201d <\/p>\n\n\n\n

The CFPB has a long, successful track record of holding banks and corporations accountable for fraud, scams, and discrimination while putting money back in the pockets of working families, veterans, and students. <\/strong><\/p>\n\n\n\n

Politico<\/a>: \u201cWells Fargo Slammed With $3.7B Penalty, In Record CFPB Settlement\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cBank of America agreed Wednesday to pay nearly $800 million in penalties for deceiving millions of customers into buying costly and unneeded services when they signed up for credit cards.\u201d <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201c[T]he Consumer Financial Protection Bureau (CFPB) [ordered] Regions Bank to pay<\/strong> $50 million into the CFPB\u2019s victims relief fund<\/strong> and to refund<\/strong> at least $141 million to customers harmed by its illegal surprise overdraft fees.<\/strong>\u201d<\/p>\n\n\n\n

New York Times<\/a>: \u201cFor years, Wells Fargo employees secretly issued credit cards without a customer\u2019s consent. <\/strong>They created fake email accounts to sign up customers for online banking services. They set up sham accounts that customers learned about only after they started accumulating fees.<\/p>\n\n\n\n

\u201cOn Thursday, these illegal banking practices cost Wells Fargo $185 million in fines, including a $100 million penalty from the Consumer Financial Protection Bureau<\/strong>.\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme\u201d<\/strong><\/p>\n\n\n\n

Military Times<\/a>: \u201cTroops will get part of a $5M settlement in alleged title loan scam\u201d<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cThe Consumer Financial Protection Bureau<\/strong> in 2016 accused Navy Federal employees of falsely threatening to alert service members\u2019 commanders about past-due debts<\/strong>. That year, Navy Federal paid $23 million in compensation to consumers in addition to a $5.5 million civil penalty.<\/strong>\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures\u201d <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB has allocated $11 million for consumers harmed by illegal student loan debt relief operation\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cToday the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank, for discriminatory auto loan pricing and for illegal credit card practices<\/strong>. The joint CFPB and Department of Justice (DOJ) auto-lending enforcement action requires Fifth Third <\/strong>to <\/strong>change its pricing and compensation system to minimize the risks of discrimination, and to pay $18 million to harmed African-American and Hispanic borrowers.<\/strong>\u201d <\/strong><\/p>\n\n\n\n

PROJECT 2025: Trump installed Project 2025 <\/strong>\u201cchief architect\u201d<\/strong><\/a> Russ Vought to shutter the CFPB \u2013 another Project 2025 goal. <\/strong><\/p>\n\n\n\n

Project 2025\u2019s Mandate for Leadership, pg. 839<\/a>: \u201cCongress should abolish the CFPB and reverse Dodd\u2013Frank Section 1061<\/strong>, thus returning the consumer protection function of the CFPB to banking regulators and the Federal Trade Commission.\u201d<\/p>\n\n\n\n

Associated Press<\/a>: \u201cConsumer watchdog chief tells all staff to cease work\u201d<\/strong><\/p>\n\n\n\n

\u201c\u2018Employees should not come into the office. Please do not perform any work tasks,\u2019<\/strong> Acting CFPB Director Russell Vought said<\/strong> in an email to all staff.<\/p>\n\n\n\n

\u201cThe move underscored tumult at the federal regulator since Vought<\/strong>, a longtime budget hawk and architect of the right-wing policy manifesto known as Project 2025<\/strong>, which called for the CFPB’s abolition, took control of the agency on Friday.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to the Trump administration attempting to close down the CFPB, DNC Chair Ken Martin released the following statement:  \u201cThe Consumer Financial Protection Bureau has put billions of dollars back into the pockets of families who were cheated by financial predators. Let\u2019s be honest: the only reason a person in power would shut down […]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1051257","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\n\ud83d\udea8CFPB Put $19.7B Back in Americans\u2019 Pockets \u2013 Now Trump And His Corrupt Billionaire Cabinet Want to Shut It Down - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/\ud83d\udea8cfpb-put-19-7b-back-in-americans-pockets-now-trump-and-his-corrupt-billionaire-cabinet-want-to-shut-it-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-11T15:12:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-11T15:12:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/%f0%9f%9a%a8cfpb-put-19-7b-back-in-americans-pockets-now-trump-and-his-corrupt-billionaire-cabinet-want-to-shut-it-down\/\",\"url\":\"https:\/\/democrats.org\/news\/%f0%9f%9a%a8cfpb-put-19-7b-back-in-americans-pockets-now-trump-and-his-corrupt-billionaire-cabinet-want-to-shut-it-down\/\",\"name\":\"\ud83d\udea8CFPB Put $19.7B Back in Americans\u2019 Pockets \u2013 Now Trump And His Corrupt Billionaire Cabinet Want to Shut It Down - 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