Gallego, Banking Committee Democrats Press Vought on Plans to “Close Down” CFPB As Trump Administration Argues Opposite in Court

WASHINGTON - Senator Ruben Gallego (D-AZ) joined all Banking Committee Democrats in sending a letter to Acting Director of the Consumer Financial Protection Bureau (CFPB) Russell Vought raising concerns about new evidence that he plans to illegally shut down the CFPB. The agency has returned over $21 billion directly to Americans cheated or scammed by Wall Street and giant corporations, and a federal court has issued a preliminary injunction prohibiting a shutdown. In a recent interview, however, Vought announced that he plans to "close down" the CFPB "within the next two or three months."

"These comments are particularly concerning given that a federal court has specifically blocked you from illegally shutting down the agency," wrote the senators. "You have also let the fiscal year pass without having requested any funding for the CFPB to perform its work, an unprecedented approach that threatens to leave the agency unable to fulfill its many statutory obligations on behalf of consumers across the country. Your continued attempts to shutter the CFPB are illegal, and American families stand to pay the price."

The senators highlighted how Vought's admissions undermine claims by Trump Administration lawyers that there are no plans to shutter the CFPB: "Just this week, they even emphasized your 'renunciation of any intent to shut down the Bureau' earlier this year. But your brazen admission last week confirms what has been apparent all along: You are working to shut down the CFPB in violation of the law."

They continued: "You should be focused on reducing costs for Americans across the country, as President Trump promised he would do on Day One of his Administration. Instead, you are making it easier for big banks and giant corporations to cheat and scam families across the country, declaring open season on American consumers."

The senators concluded by calling for Vought to provide specifics on his plans to shut down the CFPB no later than October 31, 2025.

Read the full letter HERE.

Senator Gallego has consistently stood up to the Trump administration's efforts to gut consumer protections for working families. Earlier this year, he led colleagues in condemning the administration's decision terminate the consent order against Navy Federal Credit Union, effectively excusing them from accountability for charging millions in illegal surprise overdraft fees to their members. After the administration reversed a rule that banned medical debt from credit reports, Senator Gallego led colleagues in fighting to protect the 8.2% of Arizonans with medical debt. He also pushed back against CFPB's decision to withdraw a proposed rule that would have required consumer consent before selling or sharing sensitive data - including financial information, Social Security numbers, and income data.

10/28/25