Attorney General Anthony G. Brown today joined a coalition of 23 attorneys general to warn against efforts by the Trump administration and Elon Musk to defund and disband the Consumer Financial Protection Bureau (CFPB). The CFPB is an independent agency that oversees big banks, lenders, credit card companies, and mortgage servicers and ensures companies are following federal consumer protection laws. Since its creation, the CFPB has helped millions of Americans by helping homeowners facing foreclosure stay in their homes, stopping banks from charging junk fees, and returning more than $20 billion to the pockets of consumers nationwide. The coalition argues in an amicus brief filed in the U.S. District Court for the District of Maryland that dismantling the CFPB would significantly harm consumers and hamper enforcement of federal consumer protection laws. “For more than a decade, the CFPB has protected Maryland consumers from financial institutions’ unfair, deceptive, and abusive practices that could have left them financially devastated,” said Attorney General Brown. “Dismantling this independent watchdog could mean Marylanders are more likely to lose their homes to foreclosure and have to pay steep interest charges on their credit cards, which will disproportionately harm our most marginalized and vulnerable neighbors.” On February […]
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