By Alex Gonzalez
The Trump administration is pushing to gut the top U.S. consumer watchdog agency, which alarms some advocacy groups in Arizona.
What's known in Congress as the "One Big Beautiful Bill" would reduce the budget for the Consumer Financial Protection Bureau by 70%.
Alex Alvarez, executive director of the advocacy group Progress Arizona, thinks the move will only hurt hardworking Arizonans. Since its creation in 2010, the agency has investigated complaints and created new rules to ensure financial transparency, prevent fraud and hold companies accountable. The bureau saw a 92% increase in complaints between 2023 and 2024, which Alvarez said speaks to the important work being done.
"People are working harder than ever before, are seeing rising costs," Alvarez pointed out. "And instead of giving any kind of support, this Congress is trying to aid the Trump administration's assault on the CFPB, which has returned $21 billion to defrauded consumers in the form of restitution or canceled debts."
Last year, the agency finalized a rule closing a loophole which had allowed financial institutions to reap major profits from overdraft fees. It capped the fees at $5 per overdraft, which the agency claimed would save consumers $5 billion a year.
Last month, Congress voted to overturn the rule. Conservatives argued the bureau imposes unacceptable costs on businesses. The House approved the 2026 budget bill last Thursday, moving it to the Senate for consideration.
Alvarez argued while the bureau is strict, the agency advocates for all consumers and their hard-earned money. He contended they should be able to rely on the government to help keep businesses in check.
"We are asking for the Senate to vote 'no' on the reconciliation bill and protect the Consumer Financial Protection Bureau, the watchdog that protects hardworking families from financial abuse, predatory lending products and financial fraud," Alvarez emphasized.
Alvarez added Arizonans can reach out to their elected officials to share their views on potential reforms and future of the agency.
