Trump Administration Shuts Down CFPB

The Donald Trump administration has ordered the United States — Consumer Financial Protection Bureau to halt nearly all its operations, including proposed rules, investigations, and supervision. Russell Vought, the newly appointed acting director of the United States — Consumer Financial Protection Bureau and Director of the United States — Office of Management and Budget, issued the directive, which also includes stopping the agency's funding withdrawals from the United States — Federal Reserve. This move follows Donald Trump's firing of the previous director, Rohit Chopra, and is part of a broader effort to reduce government regulation. The United States — Consumer Financial Protection Bureau, created by Barack Obama and Elizabeth Warren after the 2008 financial crisis, has provided significant financial relief to United States consumers and has been a target of conservatives. The shutdown is seen as a win for large banks and financial industry trade associations, but consumer advocates like Better Markets and Elizabeth Warren warn of increased risks for consumers.