Trump Official Halts Consumer Protection Agency, Blocking Debt Relief
The Trump administration, through the Office of Management and Budget, has effectively shut down the Consumer Financial Protection Bureau (CFPB), halting all proposed rules, suspending effective dates on finalized rules, and ceasing all investigations and supervisory activities. This action, following similar efforts against other agencies, aims to curtail the CFPB’s work despite its congressional mandate and significant consumer protection achievements, including securing nearly $20 billion in relief. The administration’s move clashes with Trump’s past populist promises and highlights ongoing tensions between regulatory oversight and deregulation. While the CFPB’s physical headquarters temporarily closed, the agency remains susceptible to further action as the administration seeks to limit its authority.
John Q. Hosedrinker