AG Nessel Touts CFPB, Cautions Residents Will Miss Their Efforts if White House Shuts Down Bureau

LANSING – Today, Michigan Attorney General Dana Nessel released a video heralding the important work done by the federal Consumer Financial Protection Bureau (CFPB) to inform Michigan residents of the critical work conducted by the CFPB, and the potential threat facing the Bureau following a weekend announcement from the new federal administration.

On Saturday, an official in the Trump administration ordered CFPB employees to not show up to work, and to halt their efforts altogether. The CFPB is a federal government agency established in the wake of the 2008 Great Recession, by an act of Congress with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July of 2010. The more than 1,500 employees of the CFPB work to defend American consumers from deceptive, unfair, and predatory financial services and business practices by enforcing federal consumer protection laws across the entire country. 

“The CFPB has won back for American consumers more than $20 billion, as direct payments back to wronged customers or into relief funds for impacted victims, by holding accountable some of the world’s most powerful businesses who treated their customers unfairly, illegally, and deceitfully,” says Nessel in the video. “The CFPB carries the full force of federal law and national jurisdiction to hold the bad actors accountable, using their authority to shield Americans from deceptive fees and practices that siphon millions from working families, unfair contractual terms that lock consumers into terrible deals, and financial products such as shady auto loans, predatory mortgages, and crooked investment and banking accounts that rob borrowers blind to pad the big bankers’ pockets.”

While it remains unclear what the future holds for the CFPB and how or whether the new federal administration will direct its operation, Attorney General Nessel renews her commitment to defending the consumer rights of all Michiganders with the authority of her office. The Michigan Department of Attorney General’s Consumer Protection Team enforces the Michigan Consumer Protection Act across the State to defend Michigan residents in the marketplace and to halt illegal, deceptive, and abusive business practices harming Michigan residents or operating within the State. 

“As a state Attorney General, consumer protection is a crucial pillar of my work, and we hear from hundreds of Michiganders daily about the hardships they endure at the hands of unscrupulous businesses. Now, most of our businesses in the state and nation are good neighbors - offering fair pricing, honest agreements, and a care for their customers, but not all of them,” adds Nessel. She concludes, “Whether you know it or not, the Consumer Financial Protection Bureau has had your back for years, and delivered justice (and billions of dollars) to millions of defrauded consumers across America. We simply, and literally, cannot afford to lose the CFPB.”

To file a consumer protection complaint with the Attorney General or get additional information, contact: 

Consumer Protection Team
P.O. Box 30213
Lansing, MI 48909
517-335-7599
Fax: 517-241-3771
Toll-free: 877-765-8388
Online complaint form

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