Portland, Oregon—Today, seven members of Oregon’s federal delegation stood with consumers in defense of the Consumer Financial Protection Bureau (CFPB) following concerted efforts over the past week by “Department of Government Efficiency (DOGE)” representatives to dismantle this essential consumer protection agency. They signed onto a letter spearheaded by Senator Warren (MA) and Representative Waters (CA-43) calling for its protection and enabling it to continue its work to protect consumers. 

The CFPB was created in the wake of the 2008 financial crisis to protect consumers and, consequently, responsible industry players from unfair, deceptive, and abusive practices by financial companies. CFPB actions have contributed to strengthening a sustainable housing market, improving credit reports, cracking down on junk fees, reducing the burdens of medical and student debt, fighting lending discrimination, and promoting safe banking practices. Since 2011, the CFPB has returned $21 billion in relief to more than 200 million people, including servicemembers and veterans. These enforcement efforts are informed largely by consumer input and complaints submitted to the CFPB Complaints Database; consumers in Oregon have submitted more than 34,500 complaints to the CFPB.

"The CPFB has consistently stood up to protect consumers against big banks, mortgage lenders credit card companies, and student loan servicers that break and exploit the law at the expense of consumers," said Jagjit Nagra, executive director of Oregon Consumer Justice. "Oregonians have benefited from the agency's rules to enhance fair access and opportunity in the financial marketplace—but now these safeguards are in jeopardy. We are all consumers and we are the ones who stand to lose if this agency is dismantled. I urge us all to join this fight in defense of  the CFPB."

The CFPB's mission is widely supported and remains highly favorable, regardless of where people live or their political party. Now more than ever, we need a strong CFPB that will continue to keep our personal financial data safe, protect our privacy, and fight fraud. 

The CFPB protects ordinary people against powerful interests. Now it's our turn to fiercely defend the CFPB’s impactful efforts and encourage our elected officials to do the same.

Resources:

• Letter from Sen. Warren and Rep. Waters on the CFPB 
• Let your legislators know you back them in their support of the CPFB
• Tell Representative Cliff Bentz (OR-2) to share his support for the CFPB

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