Since its creation in 2011, the Consumer Financial Protection Bureau (CFPB) has recovered more than $21 billion for consumers who have been harmed by corporate greed and fraud. Now under attack by the Trump Administration, NCL has joined with hundreds of consumer advocates and constituents from 45 states to urge lawmakers to protect a strong and independent agency. We advocate for rules that look out for everyday Americans,  fighting fraudulent practices and predatory debt collection behavior, and helping them save their hard-earned dollars. NCL also signed a group letter urging Congress to restore a strong and independent CFPB and oppose legislative attacks on the agency.

“The CFPB has been a lifeline for millions of consumers nationwide. In just a few years, the agency has punched far above its weight, returning billions of dollars to individuals harmed by the illegal conduct of banks, student loan servicers, and other bad actors,” said Eden Iscil, NCL Senior Public. The bottom line is cutting the CFPB would leave millions of hard-working Americans vulnerable to scams and other illegal conduct.

In April, the Trump Administration announced it would lay off 1,500 positions across the CFPB’s enforcement and supervision divisions. This drastically reduces the agency’s ability to fulfill its core mission of protecting consumers. “This is a reckless move that will leave millions of Americans more vulnerable to financial fraud and abuse,” said NCL VP of Public Policy John Breyault. “With only about 200 personnel left to oversee the entire multi-trillion-dollar U.S. financial marketplace, the Bureau’s effectiveness will be severely compromised when scams, identity theft, and predatory lending are on the rise. Luckily, U.S. District Judge Amy Berman Jackson temporarily blocked the Trump administration’s attempt to eliminate 1,500 employees from the CFPB.

The proof is in the data

NCL’s Top Ten Scams Report of 2024 is just another example of why a fully functioning CFPB is essential to protect consumers. Our report exposes the scams that are harming Americans. Our data found that the number one scam of 2024 was Prizes, Sweepstakes, and Free Gifting, accounting for 38% of reported scams. However, the most expensive scams that caused the most financial loss were the cryptocurrency and investment schemes. The reported median loss for cryptocurrency scams was $30,000, up from $20,000 in 2023.