The Trump Administration has ordered the Consumer Financial Protection Bureau (CFPB) to cease nearly all operations, effectively shutting down the agency intended to protect consumers post-2008 financial crisis. This directive, issued by OMB director Russell Vought, halts rule-making, finalizes other rules, and suspends investigations. Claiming the CFPB's funding is excessive, Vought argues the agency is unaccountable. The move reflects a broader trend under the Trump administration to reduce the power of federal agencies, particularly those established by the Obama administration in response to the financial crisis.
The Trump Administration has effectively shut down the Consumer Financial Protection Bureau, a vital agency meant to protect consumers following the financial crisis.
The CFPB has been ordered to cease all rule-making and supervisory activities, marking a significant shift in federal consumer protection policy.
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