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.
- Earlier this month, President Donald Trump signed a budget law cutting CFPB funding by roughly half, forcing mass layoffs.
- Through acting CFPB chief Russell Vought, the White House directed employees to perform no work tasks, halting bureau operations.
- For nearly six months, the bureau has been inoperable, and last month Russell Vought canceled a settlement freeing Navy Federal Credit Union from an $80 million fee.
- The administration sought to lay off about 90% of CFPB staff, but courts blocked the effort and employees fear the reprieve may be temporary.
- In the coming months, the bureau will be further diminished, leaving American consumers without help for checking accounts, credit cards, payday loans, auto loans or mortgages.
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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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