For Immediate Release:
March 13, 2026
Contact:
Isabelle Dienstag | isabelle@sgstrategies.com | (217) 371-7373
Robert Mayo | hello@woodstockinst.org
Statement: Federal Judge Rules Against Trump Administration’s Attempt to Defund Consumer Financial Protection Agency
CHICAGO – On Friday a federal judge ruled that the Trump Administration must request funding for the Consumer Financial Protection Bureau (CFPB) and rejected efforts by CFPB Acting Director Russell Vought to defund the agency. Public Citizen, representing Woodstock Institute, Rise Economy, and the National Community Reinvestment Coalition, sued the Trump Administration for attempting to defund the agency in December.
In response, Horacio Mendez, President & CEO of Woodstock Institute, released the following statement:
“In a major win for consumers, the judicial system has once again affirmed the legality of the CFPB’s funding in the face of yet another effort to defund the agency and weaken consumer financial protection. CFPB Acting Director Russell Vought’s brazen attempt to manufacture a funding crisis for the agency goes against the clear intent of Congress as written in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“Americans are already facing an affordability crisis and can’t afford an economy where the only federal agency charged with protecting consumer’s financial wealth is defanged and harmful financial practices go unchecked. Since its founding in 2011, the CFPB has returned $21 billion to consumers harmed by corporate actors. Attempts to dismantle the agency would be a boon for financial predators at the direct expense of consumers’ wallets, especially for lower-income households.”
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Woodstock Institute is a leading policy and research nonprofit that advocates for consumer financial protection and community economic development. Our work seeks to combat structural inequities and improve the quality of life in lower-income neighborhoods and communities of color. Among our areas of focus are predatory lending, access to banking, debt collection, and municipal fines and fees.
