WASHINGTON D.C. – The independent Office of Inspector General (OIG) for the Federal Reserve System and Consumer Financial Protection Bureau (CFPB) is taking up the call from Senators Andy Kim (D-N.J.) and Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, to investigate the Trump Administration’s actions to dismantle the CFPB, including reviewing workforce reductions and canceled contracts. In April, the Senators wrote to the CFPB OIG demanding an investigation to ensure the agency is still able to fulfill its congressionally mandated functions to protect American consumers.

Text of CFPB OIG Announcement (PDF)

“The CFPB exists to have people’s backs and protect them from scams — successfully returning billions of dollars back to Americans. As Trump dismantles vital public services, an independent OIG investigation is essential to understand the damage done by this administration at the CFPB and ensure it can still fulfill its mandate to work on the people’s behalf and hold companies who try to cheat and scam them accountable,” said Senator Kim.

This development comes after legislative watchdog agency, the Government Accountability Office (GAO), also answered the Senators call for an investigation into the Trump administration’s actions, including attempted firings, stop-work orders, and announcements of dropped lawsuits to hold big corporations responsible for ripping off Americans.

As a member of the Senate Banking, Housing, and Urban Affairs Committee, Senator Kim continues his work to protect American consumers from Trump’s assault on the CFPB and ensure the agency is able to continue protecting Americans from getting scammed by big banks and corporations. In April 2025, Senator Kim joined Ranking Member Warren, and 40 Democratic Senators in sending a letter to CFPB Acting Director Russell Vought outlining more than 80 congressionally mandated functions of the CFPB and pressing for answers on how the agency would be able to fulfill them after firing almost the entire staff. In the letter, the Senators laid out in detail the impact the mass layoffs would have on specific functions of the CFPB––including firing all but one employee helping victims of scams in the offices focused on our nation’s two million servicemembers and tens of millions of older Americans.

Senator Kim serves as the Ranking Member of the Subcommittee on National Security and International Trade and Finance on the Senate Committee on Banking, Housing and Urban Affairs. He is a member of the Committee on Commerce, Science, and Transportation; the Committee on Health, Education, Labor, and Pensions (HELP); the Committee on Homeland Security and Governmental Affairs; and the Special Committee on Aging.

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