Congress Aiding Trump's Assault on Consumer Protection
Arizona group speaks out about cuts to the CFPB
The Trump Administration is taking the side of Big Banks and payday predators - and making it clear that from now on, consumers are on their own.
The advocacy group Progress Arizona says Team Trump’s plans to scale back consumer protections will have devastating impacts.
While the Administration is backing away from key enforcement actions, the GOP-controlled Congress is also working to dramatically reduce funding to the agency:
What's known in Congress as the "One Big Beautiful Bill" would reduce the budget for the Consumer Financial Protection Bureau by 70%.
Alex Alvarez, executive director of the advocacy group Progress Arizona, thinks the move will only hurt hardworking Arizonans. Since its creation in 2010, the agency has investigated complaints and created new rules to ensure financial transparency, prevent fraud and hold companies accountable.
Alvarez and Progress Arizona are among groups in Arizona and across the country calling on the U.S. Senate to reject the “big, beautiful bill” and stand up for consumers.
"People are working harder than ever before, are seeing rising costs," Alvarez pointed out. "And instead of giving any kind of support, this Congress is trying to aid the Trump administration's assault on the CFPB, which has returned $21 billion to defrauded consumers in the form of restitution or canceled debts."
So with the CFPB weakened, what do you do if you’re the victim of a financial fraud or scam?
First, start with your state’s Attorney General.
Attorneys General typically have consumer protection divisions and can apply relevant state laws to your situation. Sometimes, if an AG asks, a company will answer.
Second, let your Member of Congress know. One, they may be able to assist with a resolution. But also, it is important for Congress to know their constituents value the work formerly performed by CFPB. Congress can rescue the consumer champion from the DOGE Death Star . . . if they want to.