Attorney General Anthony G. Brown has aligned with a coalition of 23 attorneys general in a decisive move to sustain the operations of the Consumer Financial Protection Bureau (CFPB). The collective effort comes in response to directives issued by the Trump administration and supported by figures such as Elon Musk, which instructed federal employees to halt ongoing investigations into deceptive corporate behaviors.
The coalition has filed an amicus brief in the United States District Court for the District of Columbia, advocating for CFPB employees. The bureau, recognized for its independent oversight of substantial financial entities, including banks and mortgage servicers, has historically returned over $20 billion to consumers affected by fraudulent activities and curbed unnecessary fees and predatory practices in auto and mortgage lending.
Earlier this week, in a separate legal gesture, Attorney General Brown reinforced his support for the CFPB, emphasizing the agency’s crucial role in shielding Maryland residents from exploitative business practices that lead to significant financial losses. “Maryland consumers cannot afford to lose this critical independent agency,” Brown stated, underlining the stakes involved.
The Trump administration’s directive on February 9 halted all active investigations and prohibited new initiatives by the CFPB, an agency established in 2011 to enforce federal consumer protection laws after the Great Recession and the mortgage lending crisis. Since its inception, the CFPB has collaborated closely with state attorneys general to oversee issues related to banking, student loans, mortgage servicing, and auto lending.
The coalition’s brief argues that dismantling the CFPB could deter consumers from reporting fraud or deception, significantly decreasing the oversight of large banking institutions, which may result in a relaxation of regulatory compliance similar to the pre-financial crisis era.
Joining Attorney General Brown in today’s brief are the attorneys general from Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Hawai’i, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, and Wisconsin, forming a formidable front intent on protecting consumer rights at a national level.
