NEWARK: Responding to the news that a federal judge has rejected efforts to defund the Consumer Financial Protection Bureau, New Jersey Citizen Action’s Financial Justice Program Director Beverly Brown Ruggia, in a statement on Tuesday, said:

“New Jersey Citizen Action thanks Attorney General Jennifer Davenport for leading this critical effort to keep the Consumer Financial Protection Bureau (CFPB) funded. Attorney General Davenport and Governor Mikie Sherrill’s administration understand how important the CFPB is in protecting consumers and fighting for affordability in our state.

“It is outrageous that the President and the Republicans continue to try destroying the only federal regulator mandated specifically to protect individual Americans from financial harm by banks and finance companies. In addition to trying to dismantle its independent funding stream, they have suspended enforcement and reversed important ruling by the Bureau. Clearly, they are only concerned with shielding bad actors in the banking and finance industries and do not care about the millions of New Jerseyans and Americans who face financial stress or financial ruin because of unfair, deceptive and abusive practices in the marketplace.

“The CFPB has returned over $21 billion to people harmed by bad actors in these industries despite the constant attacks and efforts by Republicans and President Trump to shut it down. Thanks to the steadfast consumer protection actions taken by Attorney General Davenport, and many of her colleagues in attorney general offices across the country, the law has been upheld, and the Bureau will continue to have the funding it needs to return to its mandate to protect us all from financial harm.”