Federal Financial Watchdog Ordered to Cease Activity. A win for big banks and consumers are screwed.

[Nanjeanne]

In an email to staff of the Consumer Financial Protection Bureau, the agency’s acting director ordered workers to cease “all supervision and examination activity.”

The agency, created by Congress in 2011 as a financial industry watchdog, cannot be closed without congressional action, but its director can freeze most of its actions by halting enforcement, weakening or repealing regulations and softening its supervision of banks and other lenders. The agency did not immediately respond to an emailed request for comment on Saturday.

The agency has issued a number of high-profile regulations and enforcement actions over the years, seeking to strengthen safeguards on mortgages, credit cards, loans and other consumer finance. Most recently, the bureau sued Capital One in mid-January, arguing that the bank misled customers in promoting a high-yield savings account that it then kept at a near-zero interest rate.

https://www.nytimes.com/2025/02/08/us/politics/cfpb-vought-staff-finance-watchdog.html]

The US financial services regulator has had their website suddenly deleted this weekend. If you go to their site it says Page Not Found. The Consumer Financial Protection Bureau (CFPB) protects consumers in the financial sector by enforcing laws, supervising companies, and providing education.

We have crossed over into a dictatorship in less than a month.

[LetMyPeopleVote]

1. musk and trump are targeting the Consumer Financial Protection Bureau

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