Arizona Attorney General Kris Mayes is joining 23 other attorneys general in a coalition to oppose the Trump administration’s decision to freeze the Consumer Financial Protection Bureau.
The bureau works with states to respond to consumer complaints about issues like student loans, mortgage services and banking. It was originally started after the Great Recession to operate as an oversight for large banks, credit card companies, lenders and other institutions.
The CFPB also partners with attorneys general nationwide to stop unfair and deceptive practices by companies, according to the Arizona attorney general's office.
In 2023, the CFPB reported saving consumers $17.5 billion in “monetary compensation, principal reductions, canceled debts, and other consumer relief resulting from CFPB enforcement and supervision work.”
It also reported $4 billion of civil money imposed upon companies and individuals who violated the law.
Richie Taylor is a spokesperson for the Arizona attorney general’s office. He said the White House's decision could loosen financial institutions' compliance with regulations.
“If the CFPB is ultimately defunded or ended, it'll really hurt in the fight that we are always engaged in at the AG's office to protect consumers from fraud and abuse,” Taylor said.
Russell Vought, the acting director of CFPB, directed the bureau on Feb. 9 to stop all ongoing work and not start any new investigations.
The coalition filed a briefing arguing that the freezing of the bureau will cause “irreparable harm,” stating that large banks will no longer be monitored and it will damage the work done by the bureau to monitor for financial crimes.
Taylor said Mayes will continue to work alongside attorneys general in the future if new cases of “unconstitutional” acts arise from the Trump administration.
“We're going to take everything on a case-by-case basis and make the best decision for the people of Arizona,” Taylor said. “We’re working closely with other attorneys general to fight back against the unconstitutional and illegal actions that Trump and Musk may be taking.”
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