US Edition
Employees at the nation’s consumer financial watchdog say it’s become toothless under Trump
WASHINGTON, D.C., JUL 15 – The Consumer Financial Protection Bureau faces nearly 50% budget cuts and a halt in enforcement actions, causing a sharp decline in consumer complaint processing, officials say.
- The Consumer Financial Protection Bureau has been largely unable to operate for close to six months because White House orders have prohibited employees from performing their duties.
- This situation follows a Trump-backed proposal overturned by Congress in April and a new budget law signed earlier this month cutting CFPB funding by roughly half.
- Staff report their workdays involve undoing past enforcement actions, such as the rescinded $80 million Navy Federal Credit Union overdraft settlement, while many employees resign or seek new jobs.
- Over its 15-year history, the bureau has recovered about $21 billion for consumers harmed by financial companies, though it now processes around 2,200 complaints daily—a significant drop from the 10,500 complaints recorded before Trump resumed office.
- The funding cuts and work stoppages imply mass layoffs and a shift from consumer protection to minimal activity, which employees describe as 'quite demoralizing' and fear may be only a temporary reprieve.
80 Articles
80 Articles
CFPB employees forbidden from most work
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…
Glens Falls Post-Star
US consumer watchdogs held back
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…
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.
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