NAACP Files Lawsuit To Protect Consumers, Challenging Disbandment of the Consumer Financial Protection Bureau (CFPB)

FOR IMMEDIATE RELEASE

February 13, 2025

Alicia Mercedes, amercedes@naacpnet.org

WASHINGTON – Today, the NAACP filed a lawsuit in the U.S. District Court for the District of Columbia challenging the legality of the recent decision announced by the White House to dismantle the Consumer Financial Protection Bureau (CFPB). The Bureau is charged with overseeing and regulating financial institutions across the country as well as assisting consumers impacted by institutional bias and harm, an issue that disproportionately impacts Black, elderly, and other vulnerable consumer groups. 

NAACP President and CEO, Derrick Johnson, released the following statement in response to the decision:

"Once again, we are witnessing the dangerous impacts of an overreaching executive office. The Trump Administration's decision to dismantle the Consumer Financial Protection Bureau (CFPB) opens the floodgates for unethical and predatory practices to run rampant. We refuse to stand idly by as our most vulnerable communities are left unprotected due to irresponsible leaders. From seniors and retirees, disabled people, victims of disaster, to so many more, our nation stands to face immense financial hardship and adversity as a result of the elimination of the CFPB. If our President refuses to put people over profit, the NAACP will use every tool possible to put Americans first."

Through the elimination of the bureau, the Administration has laid off the Director of the CFPB and installed Russell Vought as the acting director. In the days following his appointment, Vought directed staff not to perform any work tasks or come to work in the office, and announced the CFPB headquarters were closed as well as taking steps to cancel the lease on the building.

The CFPB is an agency of the people. From the protection from junk fees, to fighting excessive overdraft fees, providing assistance to impacted victims of natural disasters, and holding predatory practices accountable, the NAACP stands firm in bringing back the CFPB, said Keisha D. Bross, NAACP Director of Opportunity, Race, and Justice. "The NAACP will fight to hold financial entities responsible for the years of inequitable practices from big banks and lenders. 

The complaint filed by the NAACP focuses on the Administration's instructions for CFPB staff and contractors to immediately cease all work involving promulgating rules and guidance, investigations, public communications, supervision of covered entities contracting, and litigation. To access the full lawsuit, visit this link.

About NAACP

The NAACP advocates, agitates, and litigates for the civil rights due to Black America. Our legacy is built on the foundation of grassroots activism by the biggest civil rights pioneers of the 20th century and is sustained by 21st century activists. From classrooms and courtrooms to city halls and Congress, our network of members across the country works to secure the social and political power that will end race-based discrimination. That work is rooted in racial equity, civic engagement, and supportive policies and institutions for all marginalized people. We are committed to a world without racism where Black people enjoy equitable opportunities in thriving communities.

NOTE: The Legal Defense Fund – also referred to as the NAACP-LDF - was founded in 1940 as a part of the NAACP, but now operates as a completely separate entity.