How the CFPB protects veterans, the elderly and everyone

Since opening its doors in 2011, the Consumer Financial Protection Bureau (CFPB) has protected millions of Americans from scams, unfair lending and other abuses in the financial marketplace, helping secure over $21 billion in relief for consumers.

What is the CFPB and why does it matter?

Created in the wake of the 2008 financial crisis, the CFPB’s mission is simple but crucial: It is charged with shielding the public from “unfair, deceptive, or abusive practices” and arming “people with the information, steps, and tools that they need to make smart financial decisions.” 

It’s a mission that was previously spread across several smaller agencies. However, the CFPB consolidated these functions into a single bureau that began operations in July 2011.

In the 14 years since, the bureau has quietly become one of the most effective government institutions working on behalf of all Americans.

Here’s just some of what the CFPB does:

• supervises many companies to ensure compliance with consumer financial laws,
• monitors financial markets for risks to consumers,
• reviews millions of consumer complaints and concerns,
• investigates and penalizes discriminatory and illegal practices,
• writes and enforces rules to keep financial institutions honest,
• educates the public on personal finance,

Thanks to the CFPB, Americans have a watchdog that sniffs out the worst practices of the financial industry. 

But soon that watchdog may be muzzled or even taken off the job.

In February, acting director Russel Vought abruptly ordered staff to stay home and stop nearly all work. Vought also initiated mass firings of CFPB staff, until a judge stepped in and temporarily called for a pause in the terminations.

What’s the CFPB’s track record for Americans? 

From servicemembers and seniors, to those hit with unexpected medical bills, the CFPB has stepped in to hold companies accountable and secure relief for American consumers.

Take our military community. Since its founding, the CFPB has returned $363 million to servicemembers, veterans and their families who had experienced credit reporting errors, overcharges and fraud.

The CFPB has also fielded more than 400,000 complaints from military members, veterans and their families. 

Beyond the military community, the bureau also protects those struggling with medical debt and illness. In early 2025, the CFPB finalized a rule that prevents minor medical bills from tanking your credit score.

The CFPB predicts that this rule will remove over $49 billion in debt from credit reports — helping more than 15 million Americans, many of whom were financially penalized simply for getting sick or injured.

Helping all Americans

The CFPB estimates that over 205 million Americans are eligible for relief from its legal enforcements and corporate supervisory work. 

The bureau’s oversight has helped reduce overdraft fees, analyze consumer risk and expose corporate malpractice. Since beginning operations, the agency has sent more than 8 million complaints from consumers to companies, with 98% of delivered complaints receiving a timely response.

All this helps protect the financial health and well-being of American households, even if you’ve never filed a formal complaint or heard of the CFPB.

And that’s just a small sampling of the CFPB’s many achievements over the last 14 years.

Why should the CFPB remain operational?

It’s hard to overstate the crucial and invaluable work the CFPB does. Thanks to their efforts Americans consumer have a buffer between themselves and the worst practices of the financial industry. Everyday the CFPB protects people just like you.

People paying unfair fees.

People trying to buy homes. 

People struggling to pay off medical debt. 

People serving our country. 

The CFPB is an example of a government agency that works exactly as intended, providing an invaluable service and protecting the finances of American consumers.

Use your voice and tell CFPB acting director Russel Vought to stop dismantling an effective agency that benefits all Americans. 

Take action today to save the CFPB and the many protections it affords each and every one of us.