Great Lakes Wire

Michigan Attorney General Dana Nessel has expressed concern over the future of the Consumer Financial Protection Bureau (CFPB) following a directive from the Trump administration to halt its operations. In a video message, Nessel highlighted the significant role of the CFPB in protecting consumers from unfair financial practices.

The CFPB, established after the 2008 Great Recession through the Dodd-Frank Wall Street Reform and Consumer Protection Act, employs over 1,500 people who work to enforce federal consumer protection laws. According to Nessel, "The CFPB has won back for American consumers more than $20 billion," by holding businesses accountable for illegal practices.

Nessel emphasized that the CFPB's authority is crucial in shielding Americans from deceptive fees and predatory financial products. She stated, "The CFPB carries the full force of federal law and national jurisdiction to hold the bad actors accountable."

Despite uncertainty about the bureau's future under the new administration, Nessel reaffirmed her commitment to consumer rights in Michigan. The Michigan Department of Attorney General’s Consumer Protection Team will continue enforcing state laws against deceptive business practices.

"As a state Attorney General, consumer protection is a crucial pillar of my work," said Nessel. She added that while most businesses are fair, some exploit consumers. "Whether you know it or not, the Consumer Financial Protection Bureau has had your back for years," she concluded.

For those wishing to file complaints or seek further information, contact details for Michigan's Consumer Protection Team were provided.