A Devastating Blow to Consumer Protection
According to Meyer, the fallout of such data loss could be catastrophic, potentially paralyzing investigations and enforcement actions. The consequences, she explained, wouldn’t just be bureaucratic—they would strike at the very foundation of consumer protection.
Among the risks she highlighted:
- CFPB’s website could go offline, leaving consumers without access to critical financial resources.
- Mandatory reports required by law could be erased, disrupting regulatory oversight.
- The consumer complaint database could disappear, silencing a key watchdog mechanism.
- Logs tracking unauthorized system access could be lost, making it impossible to detect security breaches.
“Based on my experience and expertise, I believe that the deletion of the CFPB’s databases and contracts would cause irreversible damage, not only to the bureau’s mission but also to consumer protection and the financial system as a whole,” Meyer stated.
Legal Battle Over CFPB’s Future
Meyer’s grave assessment comes as the CFPB employee union fights in court to halt further staff reductions and prevent the Trump administration from dismantling key components of the agency.
The agency, established in the wake of the 2008 financial crisis, serves as a watchdog against predatory lending and financial fraud. However, under Vought’s leadership, efforts to scale back its operations have ignited a legal and political battle over its very existence.
With federal judges now weighing the union’s emergency injunction request, the fate of the CFPB’s vast troves of financial data—and its ability to protect consumers—hangs in the balance.
