The Trump administration has effectively shut down the Consumer Financial Protection Bureau (CFPB), freezing all regulatory and enforcement actions. Acting CFPB head Russell Vought halted agency supervision and announced he would not seek further funding. This move is widely seen as an illegal power grab by Big Tech, who stand to benefit from the lack of financial oversight.
The Trump administration has effectively shut down the Consumer Financial Protection Bureau, at least for now. Over the weekend, acting CFPB head Russell Vought stopped all agency supervision and announced he would not seek further funding. On Monday, he sent an email to all CFPB employees telling them, “Do not perform work tasks.
When this occurred, the tech sector titans — used to being treated as financial saviors and not as bad apples — went ballistic, joining the big banks in their longstanding hatred of the agency and throwing their support to Donald Trump in the presidential election. They trashed the CFPB and began to spread lie after lie about it. Venture capitalist Mark Andreesen claimed the agency was complicit in “debanking” people for political and religious beliefs .
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