US EditionEmployees at the nation’s consumer financial watchdog say it’s become toothless under Trump
UNITED STATES, JUL 15 – The Trump administration has halted Consumer Financial Protection Bureau operations, cutting funding by 50% and forcing mass layoffs after nearly six months of inaction, employees say.
- For almost half a year, the Consumer Financial Protection Bureau has been largely inactive, with White House orders preventing employees from carrying out their duties.
- This paralysis stems from the Trump administration's effort to shrink the bureau, including attempted layoffs of roughly 90% of its 1,500 staff and a new budget law that halves its funding.
- Consequently, the bureau has rescinded settlements with Navy Federal Credit Union and Toyota, allowing Navy Federal to avoid paying back $80 million in illegal overdraft fees.
- Employees report they spend days idle, only working when ordered to undo prior enforcement actions, while complaint uploads dropped from 10,500 to about 2,200 per day.
- The bureau’s diminished role suggests ongoing consumer protection enforcement will weaken, with courts blocking layoffs seen only as temporary reprieves.
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61 Articles
The lights remain on at the Consumer Financial Protection Bureau (CFPB), across the street from the White House, and employees continue to receive their paychecks. But in practice, the agency has been largely inoperative…
CFPB employees say it’s become toothless under Trump
NEW YORK — The lights are on at the Consumer Financial Protection Bureau across the street from the White House, and employees still get paid. But, in practice, the bureau has been mostly inoperable for nearly six months. CFPB employees say they essentially spend the workday sitting on their hands, forbidden from doing any work by directive from the White House.
Associated Press News
Employees at the nation's consumer financial watchdog say it's become toothless under Trump
Once a powerful watchdog for financial wrongdoing, the Consumer Financial Protection Bureau has seen its enforcement efforts grind to a halt under the Trump administration.
The new Republican populism - Lawyers, Guns & Money
It’s the party of main street not Wall Street now: The lights are on at the Consumer Financial Protection Bureau across the street from the White House, and employees still get paid. But, in practice, the bureau has been mostly inoperable for nearly six months. CFPB employees say they essentially spend the workday sitting on their hands, forbidden from doing any work by directive from the White House. The bureau is supposed to be helping overse…
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