Attorney General Raoul joined a coalition of attorneys advocating against efforts to disband the Consumer Financial Protection Bureau.
On February 9, the Trump Administration directed the CFPB to stop all investigations.
Raoul and the coalition's brief, filed in the US District Court, argue that dismantling the CFPB would affect federal restrictions protecting consumers from fraud or deception.
He said, "The CFPB expanded upon the work of states and federal partners to become the primary agency setting national rules to reign in the unfair and deceptive mortgage lending and servicing that directly led to the Great Recession."
The independent agency regulates banks, lenders, credit card companies, and mortgage services. Raoul says the CFPB has assisted many Americans by returning over 20 billion dollars nationwide.
He adds that they work to prevent banks from charging unnecessary fees and have helped millions with home foreclosures since the Great Recession.
