The Trump administration has told employees of the Consumer Financial Protection Bureau to stop performing nearly all of their duties, effectively putting the agency out of business. The order was contained in an email sent to the staff from Russell Vought, the new director of the Office of Management and Budget, on Saturday night, the New York Times reports. In addition, officials said Sunday that the agency's headquarters in Washington will be closed this week, per the AP, without specifying a reason.
"Employees and contractors are to work remotely unless instructed otherwise," the email to staff members at the office said. The agency's internet homepage was gone Sunday, replaced by "page not found." On Friday, Elon Musk, given authority by President Trump to cut federal spending, posted "CFPB RIP" on X. Congress created the financial industry watchdog in 2011, so it can't legally be shut down without congressional action. Its director can, however, halt its enforcement of regulations and oversight of banks and other lenders. Vought said Trump has made him acting director of the CFPB.
The email confirmed the order from the previous acting director, Treasury Secretary Scott Bessent, to stop investigations and not issue any new regulations. Vought posted Saturday evening on X that he's informed the Federal Reserve, which funds it, that the finance bureau "will not be taking its next draw of unappropriated funding because it is not 'reasonably necessary' to carry out its duties," per the Times. "This spigot, long contributing to CFPB's unaccountability, is now being turned off," he added. (More Consumer Financial Protection Bureau stories.)
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