In February 2025, former President Donald Trump’s administration moved to shut down the U.S. Consumer Financial Protection Bureau (CFPB), a key agency designed to protect consumers from unfair practices in financial markets. For those of us who rely on the CFPB for educational resources, credit reports, and protection from predatory lending, this news is both startling and concerning.
But while the closure of the CFPB may feel like a significant blow to consumer protection, other organizations continue to provide essential support for consumers in Texas and across the country.
Understanding the Impact of the CFPB Shutdown
The CFPB, created in 2011 following the 2008 financial crisis, has been instrumental in holding financial institutions accountable, ensuring transparency, and offering resources to consumers. The agency's sudden shutdown has left many worried about how they will receive the support they need, especially when it comes to credit education and financial protection.
Without the CFPB’s presence, consumers may experience delays in filing complaints, accessing important credit resources, and receiving timely advice on consumer financial products. However, the silver lining is that other organizations can help you manage your finances, report complaints, and protect your rights.
Where to Turn for Help: Alternative Resources
If you are seeking support with credit, consumer protection, or financial issues, here are four key organizations you can turn to:
1. Texas Office of Consumer Credit Commissioner (OCCC)
The Texas Office of Consumer Credit Commissioner (OCCC) is a state-run agency that provides oversight of certain types of financial institutions operating in Texas. This includes payday lenders, auto title lenders, and credit access businesses. The OCCC educates consumers about credit products, enforces consumer protection laws, and ensures that businesses operate fairly and transparently.
If you’re in Texas and need help understanding your credit rights, disputing unfair practices, or finding guidance on credit education, the OCCC is a great place to start.
What they offer:
Consumer credit education
Complaint resolution for financial service providers
Enforcement of Texas consumer protection laws
You can visit the OCCC’s website here for more information.
2. Federal Trade Commission (FTC)
The Federal Trade Commission (FTC) is the nation’s consumer protection agency and is responsible for enforcing laws related to fraud, identity theft, deceptive advertising, and unfair business practices. Although its focus is broader than just financial services, the FTC is an excellent resource for reporting scams or deceptive financial products.
For credit-related issues, identity theft, or fraud, the FTC provides valuable guidance and online tools to help you resolve your issues.
What they offer:
Free consumer education on a variety of topics, including credit and loans
Identity theft prevention and recovery
Tools to report fraud and scams
Visit the FTC’s website here for more information.
3. Office of the Attorney General Texas
The Office of the Attorney General of Texas is another crucial resource for consumers. The office is dedicated to protecting Texans' rights, ensuring businesses comply with state laws, and investigating consumer complaints. If you’re dealing with a financial dispute or need help recovering from a financial scam, the Attorney General’s office can assist with investigations, enforcement actions, and more.
The Texas Attorney General’s Consumer Protection Division focuses on handling complaints related to deceptive practices, fraud, and violations of state consumer protection laws.
What they offer:
Consumer complaint resolution
Protection from unfair or fraudulent business practices
Enforcement of state laws against predatory lenders and financial services
You can visit the Attorney General’s website here.
4. Office of the Comptroller of the Currency (OCC)
The Office of the Comptroller of the Currency (OCC) is an independent agency that regulates national banks and federal savings associations. It ensures that these institutions are operating in a safe and sound manner, and its role is to protect consumers who use services provided by national banks and savings associations.
If you're experiencing issues with a national bank or a federal savings association, the OCC is an important resource for filing complaints and ensuring that financial institutions comply with regulations designed to protect consumers.
What they offer:
Oversight of national banks and savings associations
Complaint filing against national financial institutions
Resources on banking regulations and consumer rights
You can visit the OCC’s website here for more information.
The shutdown of the CFPB has raised questions about the future of consumer protections, but the organizations above are dedicated to continuing the work of safeguarding your financial rights. Whether you're seeking credit education, reporting fraud, or need assistance with a financial dispute, these agencies can provide the resources and support you need.
Now, more than ever, it's important to stay informed and proactive about your financial health. Don't hesitate to reach out to these agencies to ensure that your rights as a consumer are protected.
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