Senator Elizabeth Warren (D-Mass), the ranking member of the Senate Banking, Housing, and Urban Affairs Committee will host a forum today to investigate the Trump administration’s illegal efforts to dismantle the Consumer Financial Protection Bureau (CFPB).
The Trump administration’s plan to shut down CFPB headquarters is the latest unlawful attack on a government agency that truly works for people. Following mass purges, forcing staff onto administrative leave, slashing funding, freezing regulatory activity, and halting enforcement actions, this step is a blatant attempt to irreversibly shutter the agency in utter defiance of the law, even as the Trump administration is losing court cases for its overreach.
Today, the Consumer Financial Protection Bureau, which has been largely shut down by Elon Musk’s team and Acting Director Russell Vought, pulled the plug on a lawsuit against an online lender, SoLo Funds, that the agency had alleged was deceiving borrowers and imposing deceptive fees on more than half a million borrowers.
Chants of “let us work!” rang out across the courtyard of the Consumer Financial Protection Bureau (CFPB) blocks away from the White House on Monday, as hundreds of angry protesters rallied against the Trump administration’s decision to suspend all operations at the US’s top financial watchdog – an agency that has clawed back more than $21bn from Wall Street for defrauded consumers.
Elon Musk has spent years laying the groundwork to transform X into a digital payments platform. Now he appears to be helping dismantle the agency that would oversee it.
The new staff purges at the Consumer Financial Protection Bureau will allow Wall Street, predatory lenders, and many other financial companies to rip off their own customers without any recourse to an agency that has won $21 billion in relief for consumers in its 14-year history.
The only federal agency dedicated to protecting consumers and going after financial fraud by big banks, credit bureaus, and shady lenders, has been all but shut down, creating a new challenge for consumers who want to manage their finances well but now lack the services of the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau (CFPB) is under attack right now in Congress and by the Trump administration like never before. Not only are Elon Musk, Wall Street and their allies in Congress working to completely defund and shut down the CFPB, efforts are underway
On Monday, February 10, Senator Elizabeth Warren, Representative Maxine Waters, and others will gather for a rally at the Consumer Financial Protection Bureau (CFPB). Elon Musk and Donald Trump are stealing from consumers, attempting to kill this essential agency that protects Americans from fraud and exploitation at the hands of banks and other corporations.
The shutdown of all supervision and oversight by the Consumer Financial Protection Bureau will allow all manner of financial companies, from Wall Street megabanks to payday lenders to financial technology firms to credit bureaus to rip people off and mistreat their customers at will.