Press Releases

WASHINGTON, DC — Congressman Tim Kennedy (NY-26) released the following statement in response to ongoing efforts by the Trump administration to dismantle the Consumer Financial Protection Bureau (CFPB):

"The CFPB is one of the most successful federal initiatives in years. Its impact is not abstract, it makes a real difference in peoples’ lives. In my district last year, the CFPB fielded more than 2,500 complaints ranging from credit reporting to debt collection, from mortgage issues to payday loans. Those complaints disproportionately came from servicemembers and senior citizens, further underscoring the damage that this effort will cause.

"The latest move to shut down the CFPB is nothing more than a handout to the ultra-wealthy at the expense of hardworking Americans. The CFPB was created to protect consumers from the kinds of abusive practices that led to the 2008 financial crisis, and now, with no accountability, billionaires and corporate special interests want to rig the system in their favor once again.

"Since it was established by Congress as an independent agency, the CFPB has returned more than $21 billion to American consumers, held predatory lenders accountable, and fought back against financial scams that target working families. I will not stand by while Trump, the authors of Project 2025, and unelected billionaires like Elon Musk prioritize their personal interests over the economic well-being of my constituents.

"Congress created the CFPB, and it is Congress—not the President—who has the authority to decide its future. I will continue fighting alongside my colleagues to protect this critical agency and ensure that working families, not billionaires, remain at the center of our economic policies."

###