Today, Attorney General Aaron D. Ford announced his participation in a coalition of 23 attorneys general aiming to keep the Consumer Financial Protection Bureau (CFPB) operational. This move comes as a response to directives from the Trump administration and Elon Musk, instructing federal employees to cease their work on cases involving deceptive and abusive company practices.
The coalition submitted an amicus brief in the case of National Treasury Employees Union v. Russell Vought. The brief supports CFPB workers who have been instrumental in returning over $20 billion to defrauded consumers, reducing junk fees, and halting predatory lending practices. The CFPB is tasked with overseeing major financial institutions and ensuring compliance with federal consumer protection laws.
AG Ford emphasized his commitment to safeguarding Nevada consumers: “I will continue to fight to ensure the CFPB is not gutted and that Nevada consumers are protected from the worst actors in the financial industry,” he stated. He warned that dismantling the CFPB would harm Nevadans directly.
On February 9, a directive was issued by the Trump administration for the CFPB to halt its ongoing activities and refrain from initiating new investigations. Established in 2011 after the Great Recession, the CFPB’s role includes enforcing consumer protection laws alongside state attorneys general. It has addressed issues related to banking, student loans, mortgages, auto lending, and other financial matters.
The bureau’s efforts have helped millions of Americans avoid foreclosure, eliminated unnecessary bank fees, and returned significant sums of money nationwide. In Nevada alone, it has tackled predatory payday lenders where interest rates on short-term loans are among the highest nationally.
The coalition argues that dismantling the CFPB could prevent consumers from reporting fraud or deception issues effectively. They caution that reduced oversight might lead financial institutions to relax regulatory compliance similar to pre-financial crisis conditions.
Joining AG Ford are attorneys general from Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, New York, North Carolina Oregon Rhode Island Vermont Washington Wisconsin and the District of Columbia.
