Great Lakes Wire

Michigan Attorney General Dana Nessel held a press conference to address the impact of the Consumer Financial Protection Bureau (CFPB) shutdown on Michigan residents. She was joined by former CFPB Director Rohit Chopra, State Representative Kelly Breen, and consumer advocates.

Attorney General Nessel criticized the Trump Administration's actions against the CFPB, stating, “As a result of the Trump Administration's continuing unlawful actions, my office can no longer rely on this once dependable and powerful partner to protect Michigan consumers.” She emphasized that Michigan lacks state-level consumer protections found in other states and highlighted the CFPB's role in protecting consumers nationwide.

Former Director Chopra reflected on past financial crises, saying, “Decades ago, federal regulators were asleep at the switch and allowed a subprime mortgage crisis to crater the economy of Michigan and the entire country.” He underscored the importance of a strong CFPB for state law enforcement.

Representative Breen called for state-level action: “Protecting Michiganders is a nonpartisan issue. With the inability to pursue justice at the federal level, we must take action at the state level to allow people to protect themselves.”

The CFPB oversees compliance with federal consumer protection laws among banks and lenders. Since its inception in 2011, it has returned over $21 billion to Americans. However, its operations were effectively halted by the Trump administration in February.

Attorney General Nessel has taken legal steps alongside other attorneys general to defend the Bureau’s role after several enforcement actions were dropped. She also released a video highlighting these issues.