Attorney General Kris Mayes joined a group of 23 attorneys general on Apr. 17 in calling for the Consumer Financial Protection Bureau (CFPB) to reverse plans that would significantly reduce its staff and enforcement capabilities.
The letter sent by Mayes and the coalition argues that scaling back the CFPB’s operations could leave consumers more vulnerable to financial fraud, predatory lending, and corporate abuse. The agency is currently the only federal body focused exclusively on financial consumer protection.
“The CFPB was created because American consumers needed a watchdog in their corner, one dedicated to protecting them from financial fraud, predatory lending, and corporate abuse,” said Attorney General Mayes. “Gutting this agency harms consumers and shreds accountability. Arizona families deserve better than an administration that would rather dismantle the guardrails than enforce the rules to protect consumers.”
According to their letter addressed to Acting Director Russell Vought, proposed changes include reducing supervision staff in the Office of Supervision Policy and Operations from 72 people down to just one person. The attorneys general warn this would undermine statutory obligations and reduce relief available for harmed consumers at a time when nearly 40% of U.S. adults have experienced some form of financial fraud or scam in the past year.
Mayes and her colleagues also highlight how diminishing federal oversight will increase pressure on states to enforce consumer protection laws without support from longstanding partnerships with federal agencies like the CFPB. They point out that over $21 billion has been returned to consumers through enforcement actions since the bureau’s creation after the 2008 financial crisis.
The Arizona Attorney General’s Office serves as Arizona’s chief legal office with statewide responsibilities for legal and protective services according to its official website. It addresses issues such as elder abuse, civil rights violations, unsolved crimes through its cold case unit according to its official website, participates in federal action lawsuits, supports fair housing initiatives, accountability measures for social media companies according to its official website, delivers comprehensive legal services statewide according to its official website, functions as Arizona’s primary legal entity offering advocacy for residents according to its official website, and is led by Kris Mayes—the state’s first mother elected attorney general according to its official website.
Joining Attorney General Mayes are attorneys general from California, Colorado, Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon Vermont Virginia Washington and Wisconsin.
