North Carolina joins lawsuit to maintain Consumer Financial Protection Bureau funding

North Carolina Attorney General Jeff Jackson has joined a lawsuit against Russel Vought, the acting director of the Consumer Financial Protection Bureau (CFPB), to maintain the agency’s funding. Vought declined to request funding from the Federal Reserve, claiming insufficient profits, a move Attorney General Jackson argues is unlawful and unconstitutional as it undermines Congress’s intent. The lawsuit, filed in the United States District Court in Oregon, seeks a court order compelling Vought to request Federal Reserve funding to prevent the CFPB from running out of money in January.

Since its establishment in 2011, the CFPB has returned over $21 billion to more than 205 million Americans and is the sole federal agency authorized to supervise the largest banks in the nation. Attorney General Jackson emphasized that “Congress created the CFPB, funded it, and gave it a clear mission: protect consumers,” and that no single official can override this congressional mandate.

North Carolina is joined in the lawsuit by the attorneys general of numerous other states, including Arizona, California, and New York, as well as Washington, D.C., demonstrating widespread concern over the potential impact of defunding the CFPB on consumer protection.

(Source：Cbs17)