EPIC Denounces Administration’s Assault on Consumer Financial Protection Bureau 

Over the past week, the Trump administration and associates of Elon Musk have engaged in an escalating series of attacks on the Consumer Financial Protection Bureau (CFPB), effectively shutting down a vital federal agency that protects consumers from harmful business and data practices by banks and other financial institutions. EPIC condemns this coordinated assault on consumers, which undermines one of the most effective champions for the public interest anywhere in government. 

The CFPB was established by Congress after the 2008 financial crisis and is charged (among many responsibilities) with supervising financial institutions to ensure that they comply with federal consumer financial protection laws. Yet over the past weekend, Russell Vought, the now-acting head of CFPB, ordered CFPB staff to cease all supervision and examination of financial services companies and to stop engaging with stakeholders. Vought falsely claimed on X that the CFPB would stop drawing funding from the Federal Reserve “because it is not ‘reasonably necessary’ to carry out its duties.” Vought’s actions followed an earlier order by Treasury Secretary Scott Bessent halting the agency’s rulemaking, litigation, guidance, enforcement, and public communications activities. 

On Sunday, CFPB personnel were informed that the agency’s headquarters would be closed for the week, and a mass purge of workers is now underway. The National Treasury Employees Union, which represents CFPB staff, has filed suit against Vought for his attempts to halt the CFPB’s work on the grounds that it encroaches on congressional authority and violates the constitutional separation of powers.  

Key CFPB systems containing personal data and confidential information on the agency’s supervision and enforcement activities are now at risk. On Friday, members of the Musk-run “DOGE”—who have forced their way into sensitive databases at numerous federal agencies—visited the CFPB’s offices to do the same. This unlawful breach of data by individuals who report to an unaccountable billionaire presents enormous privacy risks, threatens the fairness of the market, and endangers the stability of the financial system. 

EPIC strongly opposes the Trump Administration’s attempts to halt the CFPB’s work to protect consumers in the financial services industry. Since its creation, the CFPB has obtained over $21 billion dollars in reimbursements and forgiven debt for consumers. The CFPB has also promulgated rules that protect consumers from harm by financial services companies, including a rule that prohibits the inclusion of medical debt on credit reports, rules that promote financial inclusion and privacy in the financial services sector, rules that protect consumers from exploitative fees, and many more. In December, the agency proposed new rules that would safeguard consumer privacy by cracking down on the largely unregulated data broker market. 

CFPB staff have worked tirelessly to protect consumers, and EPIC condemns this attempt to halt their vital efforts.