Trump admin clips consumer protection bureau’s wings
The Trump administration has ordered the Consumer Financial Protection Bureau (CFPB) to halt most operations.
Acting head Russell Vought directed staff to stop supervision, enforcement, and stakeholder engagement immediately.
Vought, who was confirmed as director of the Office of Management and Budget last week, claims the CFPB’s operations are not necessary in the current fiscal climate.
He cited the bureau’s $711.6 million balance as excessive and announced that it would not seek new funding from the Federal Reserve.
Established under former President Barack Obama after the 2008 financial crisis, the CFPB was designed to protect consumers from financial abuses.
The Trump administration’s move effectively weakens the agency, though eliminating it would require congressional approval.
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