Mercer Times

New Jersey Attorney General Matthew J. Platkin and New York Attorney General Letitia James are leading a coalition of 23 attorneys general in opposing efforts by the Trump Administration and Elon Musk to defund and dismantle the Consumer Financial Protection Bureau (CFPB). The CFPB, an independent agency established to oversee major financial institutions, has been instrumental in enforcing federal consumer protection laws since its inception.

Attorney General Platkin emphasized the significance of the CFPB's role: “Through an unelected billionaire, President Trump is attempting to destroy a critical watchdog that has saved the homes of New Jerseyans, returned hard-earned money to the pockets of our residents, and fought to protect consumers from the abusive conduct of major corporations.”

The coalition filed an amicus brief in the U.S. District Court for the District of Maryland, arguing that disbanding the CFPB would harm consumers and hinder enforcement efforts. According to Platkin, "The Trump Administration has made clear that its priority is to protect the wealthiest and most powerful interests in our country, not the rights of consumers."

On February 9, directives from the Trump Administration halted all ongoing work at the CFPB and barred new investigations. Established in 2011 after the Great Recession, the CFPB has worked with state attorneys general on issues like banking practices and deceptive business conduct.

The coalition's brief warns that eliminating or weakening oversight could lead financial institutions to bypass regulatory compliance similar to pre-financial crisis conditions. It highlights potential risks such as reduced consumer fraud reporting capabilities.

Attorneys general from states including Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Mexico, North Carolina Oregon Rhode Island Vermont Washington Wisconsin and Washington D.C., have joined this legal effort.