The Trump administration has directed the Consumer Financial Protection Bureau (CFPB) to halt nearly all of its operations, effectively shutting down the agency established to safeguard consumers following the 2008 financial crisis and subprime mortgage-lending scandal. The directive, issued by the newly appointed director of the Office of Management and Budget, instructs the CFPB to cease work on proposed rules, suspend the effective dates of finalized rules, halt investigative activities, and refrain from initiating new investigations. Additionally, the bureau has been ordered to discontinue all supervision and examination activities.
Furthermore, the CFPB's headquarters in Washington, D.C. will be closed for the week of Feb. 10 through Feb. 14, with employees and contractors instructed to work remotely. The move to curtail the CFPB's functions aligns with previous efforts by the White House to dismantle the U.S. Agency for International Development.
