The CFPB is experiencing drastic cuts in staff and operations under the Trump administration, led by Russell Vought. This includes a review of canceled contracts as part of an investigation prompted by key lawmakers. Concerns were raised about the bureau's ability to protect consumers from corporate malfeasance. Senators Warren and Kim emphasize the necessity of an independent investigation to assess the damage these changes may cause to the bureau's mandate, especially given its crucial role post-2007-08 financial crisis.
"Losing the bureau would have an adverse impact on American consumers. An independent OIG investigation is essential to understand the damage done by this administration at the CFPB."
"We are expanding our efforts to include the CFPB's canceled contracts, following significant reductions and operational scaling back by the administration at the bureau."
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