The Trump administration has escalated its attack on the Consumer Financial Protection Bureau (CFPB), with acting director Russell Vought issuing orders to cease nearly all operations at the agency. This includes halting supervision and enforcement activities, which critics argue favors large financial institutions and individuals like Elon Musk. Vought, who leads the Office of Management and Budget, confirmed the immediate implementation of these measures in a staff email, sparking concerns over the potential rollback of consumer protections and increased risks in financial markets.
The Trump administration's assault on the CFPB was seen as benefiting large financial institutions while posing risks to consumer protections and regulations.
Under new directives from acting director Russell Vought, the CFPB has halted nearly all operations, raising concerns about a return to unregulated financial practices.
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