The Trump administration has effectively shut down the Consumer Financial Protection Bureau (CFPB) by ordering it to halt nearly all its work. Russell Vought, the newly installed director of the Office of Management and Budget, directed the CFPB to stop work on proposed rules, suspend effective dates on finalized rules, and cease investigative work. The agency, created after the 2008 financial crisis to protect consumers, has been a target of conservatives since its inception.
FILE - Russell Vought , President Donald Trump's choice for Director of the Office of Management and Budget, appears before the Senate Budget Committee during a hearing to examine his nomination, on Capitol Hill in Washington, Jan. 22, 2025.
The CFPB says that it has obtained nearly $20 billion in financial relief for U.S. consumers since its founding in the form of canceled debts, compensation, and reduced loans. The administration's move against the CFPB highlights the tensions between Trump's more populist promises to lower costs for working-class families and his pledge to reduce government regulation.
Vought's email follows a similar directive from Treasury Secretary Scott Bessent Feb. 3 and is the latest move by the Trump administration to rapidly curtail the work of federal agencies that they have deemed excessive. Vought suggested that the CFPB is “unaccountable” in his social media post.
CONSUMER FINANCIAL PROTECTION BUREAU CFPB RUSSELL VOUGHT DONALD TRUMP ADMINISTRATION GOVERNMENT REGULATION
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