Federal Financial Watchdog Ordered to Cease Activity

[BumRushDaShow]

Source: New York Times

Published Feb. 8, 2025 Updated Feb. 9, 2025, 1:06 a.m. ET


Employees of the Consumer Financial Protection Bureau were instructed to cease "all supervision and examination activity" and "all stakeholder engagement," effectively stopping the agency's operations, in an email from the director of the Office of Management and Budget, Russell Vought, on Saturday evening.

Mr. Vought, who was confirmed this week to lead the Office of Management and Budget, was on Friday named acting director of the consumer protection bureau, the federal government's financial industry watchdog. In his email to staff on Saturday, he reaffirmed earlier instructions from the previous acting director, Treasury Secretary Scott Bessent, who ordered last week that staff should not issue any new rules or guidance and cease all investigations.

"As acting director, I am committed to implementing the president's policies, consistent with the law, and acting as a faithful steward of the bureau's resources," Mr. Vought wrote in the email, which was obtained by The New York Times.

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.

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

---

No paywall (gift)

Apparently this is a follow-up to what Bessent had done earlier yesterday before the "Actings" were changed - https://www.democraticunderground.com/10143391978

[yardwork]

1. This is grim news.

This will cause another financial collapse.

[bucolic_frolic]

2. Congress had a different idea when they appropriated the money. /nt

[Ocelot II]

3. There are no more watchdogs, only lapdogs.

[Lovie777]

4. Unfortunately......

the economy is already starting to crash.

[cstanleytech]

5. The Congressional Republicans are cowards who are more concerned about their own power than the Country.

[Rebl2]

6. Need another

federal judge to stop this nonsense.

[William Seger]

7. Did they even bother rationalizing this to the cult?

Was it an "enemy of the state" or "too woke?" Or is that not even necessary anymore?

[muriel_volestrangler]

10. They're an enemy of King Elon and his script kiddies, and he's the State, these days

CFPB Union NTEU 335 spies dodgy DOGE bros

Washington, DC, February 7, 2025 — On the evening of February 6, three minions of professional Twitter poster and Jeffrey Epstein confidant Elon Musk appeared in the Consumer Financial Protection Bureau’s (CFPB) internal staff directory.

The three underlings are Chris Young, a lobbyist for Big Pharma and past field organizer for former Gov. Bobby Jindal, and Elon fanboys Nikhil Rajpal and Gavin Kliger. Rajpal led a libertarian students group at public land-grant university UC Berkeley, and worked at auto-lender Tesla and wannabe-payment-processor Twitter. Kliger interned at Twitter, claims he owns a Tesla, and graduated from UC Berkeley in 2020. When he's not stealing Americans' private information with DOGE, Kliger enjoys writing lengthy essays defending rapists and retweeting white supremacists. Kliger's lawyer daddy works at Experian which is the same company CFPB sued in January for covering up errors on credit reports with sham investigations. While alleged coder Kliger made between zero to three git commits in the last year, workers at the CFPB returned $1.3 billion to scammed Americans in that time.

The unelected Musk recently announced plans for a new payments platform run jointly by Visa and “X” (formerly Twitter). Now, he’s moved his power grab to the CFPB, in a clear attempt to attack union workers and defang the only agency that checks the greed of payment providers, as well as auto lenders like Tesla.

CFPB Union members welcome our newest colleagues and look forward to the smell of Axe Body Spray in our elevators. While Acting Director Bessent allows Musk's operatives to bypass cybersecurity policies and wreak havoc with their amateur code skills inside CFPB's once-secure systems, CFPB Union members fight to protect our jobs so we can continue protecting Americans from scammers with conflicts of interest like Musk.

https://nteu335.org/2025/02/07/cfpb-union-nteu-335-spies-dodgy-doge-bros/

[PSPS]

8. trump's billionaire backers want to bring back their predatory and deceptive practices back

[pfitz59]

9. Trump wants to eliminate all the safeguards

for workers and consumers. What can possibly go wrong?