CFPB Work Must Continue for the Sake of Small Businesses

“We are deeply concerned by reports that U.S. Treasury Secretary Scott Bessent, in his capacity as acting director of the Consumer Financial Protection Bureau (CFPB), has directed CFPB staff to stop all work immediately. The CFPB has been a critical safeguard for small businesses, helping to enact transparent and fair standards for sound loan practices and payment processing procedures, and securing refunds and fines for predatory financial practices, as well as delivering honest information to entrepreneurs and consumers. It’s no wonder that Small Business Majority’s research has found that small businesses overwhelmingly support the agency and say it’s needed to help ensure that they are treated fairly.

Without a strong and effective CFPB, we fear that the millions of small businesses that already struggle to access safe and reliable loans will struggle even further. We urge Acting Director Bessent to immediately restart the CFPB’s important work so that it can continue living up to its name by protecting all Americans – particularly small businesses – from fraud and abuse.”