Employees at the CFPB were informed that the agency's DC headquarters would be closed for a week, requiring remote work. The closure follows Elon Musk's disparaging tweet about the CFPB, coinciding with leadership changes that have led to immediate suspension of its oversight functions. Acting Director Russell Vought's directives halt most operations, leaving no active supervision of financial institutions, raising concerns about consumer protection amidst reports of potential exploitation, as millions of Americans remain vulnerable without regulatory oversight over consumer debt.
In practice, this means the nation's top consumer financial watchdog has effectively been pulled off the street, prevented from providing oversight over big banks and payday lenders.
Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall cease all supervision and examination activity.
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