Since President Trump and his unelected billionaire co-President Elon Musk moved to illegally shutter the widely supported Consumer Financial Protection Bureau (CFPB), the nation’s largest banks have remained silent. In response, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to the Financial Services Forum and the Banking Policy Institute –two trade associations representing the largest banks. In the letter, Congresswoman Waters demands a prompt response to a series of questions regarding what their member banks are doing to comply with consumer financial protection laws and uphold consumers’ rights.

The letter follows a hearing from earlier this month where Federal Reserve Chair, Jerome Powell, testified before the full Committee confirming that the Trump administration’s decision to shut down the CFPB has created an oversight gap.

“The Financial Services Forum and Bank Policy Institute represent the largest banks operating in the United States. I am sure your member banks agree that consumers should be protected from any unfair, deceptive, and abusive acts and practices, including predatory and discriminatory actions, in the financial marketplace,” wrote Ranking Member Waters. “Given the Trump Administration’s reckless decision to try to go around Congress to unilaterally ‘delete’ the CFPB, however, they have created an unlevel playing field where community banks and credit unions are being scrutinized for consumer compliance while megabanks are not. That exposes consumers to an untold amount of unchecked harm, so I would encourage your member banks to be transparent about how they are following the law and treating consumers.”

Congresswoman Waters concludes by underscoring the immense harm consumers will face due to the agency’s shutdown and urges megabanks to be fully transparent and provide a detailed written response to these questions no later than March 7, 2025.

See the letter here.

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