On February 10, 2026, the ABA Banking Journal reported that almost 200 Democratic and independent members of Congress filed an amicus brief urging the courts to halt what they said was the Trump administration’s attempt to dismantle the CFPB. The lawmakers argue that the Trump administration’s actions are unconstitutional because only Congress has the authority to create and abolish government agencies.
CFPB Acting Director Russell Vought has laid off most of the CFPB’s staff and closed offices, refusing to request Federal Reserve funding. His actions are being challenged in court, where judges have temporarily halted the layoffs and mandated continued funding while lawsuits are ongoing. In the amicus brief, the lawmakers said that shutting down the CFPB would not only irreparably harm America’s consumers and the national economy but also create disruption in the constitutional separation of powers.
The ABA Banking Journal also reported that the Democratic minority on the Senate Banking Committee released a report alleging that the administration’s efforts to close the CFPB have cost Americans up to $19 billion over the past year.
Read the ABA Banking Journal article here.
The Amicus Brief can be found here.
The Senate Banking Committee report can be found here.