Dear John,
I write to you today to reaffirm my unwavering support for the Consumer Financial Protection Bureau (CFPB) and to share my deep concerns about ongoing efforts to dismantle this critical agency—efforts that threaten the financial security of millions of hardworking Americans.
For over a decade, the CFPB has served as a watchdog against financial abuses, returning more than $21 billion to over 205 million consumers who were defrauded by corporations engaging in deceptive practices. Now, we are witnessing a deliberate attempt—led by Donald Trump and his billionaire allies—to weaken or eliminate the very agency that was created to protect everyday people from predatory lenders, big banks, and debt collectors.
House Democrats, under the leadership of Ranking Member Maxine Waters, have taken decisive action by filing an amicus brief in federal court to challenge these attacks and defend the CFPB. The brief, supported by 203 of my Democratic colleagues, makes clear that the Trump Administration’s actions to gut the agency are unlawful, unconstitutional, and a direct assault on consumer protections.
If these reckless efforts succeed, key protections will be at risk, including:
- Small Business Lending Transparency – Ensuring fair access to capital for entrepreneurs and small business owners.
- Overdraft Fee Regulations – Preventing banks from charging excessive fees that disproportionately impact low-income consumers.
- Medical Debt Credit Protections – Stopping unfair medical debt from damaging Americans’ credit scores.
The stakes could not be higher. We remember all too well the devastation of the 2008 financial crisis—a crisis that cost millions of Americans their jobs, homes, and financial stability. Without the CFPB, we risk returning to an era where corporate greed runs unchecked, leaving working families vulnerable to abuse.
I want you to know that I will continue to fight alongside my colleagues to defend the CFPB, protect American consumers, and hold corporations accountable. We cannot afford to let the safeguards we put in place be dismantled for the benefit of the powerful few.
A hearing on this critical issue is scheduled for March 3 in the U.S. District Court for the District of Columbia, and I will keep you informed on the latest developments. In the meantime, I urge you to stay engaged and raise your voices in support of strong financial protections for all Americans. A copy of the amicus brief is here.
Sincerely,
Congressman Danny K. Davis
Member of Congress
7th District of Illinois
