On February 10, Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought announced to CFPB staff and contractors that the independent agency’s office was closed and that they should not “perform any work tasks.” Prior to announcing the office closure, Vought halted funding for the CFPB, describing the agency’s funds as “excessive in the current fiscal environment.”  The Department of Government Efficiency (DOGE), headed by tech billionaire Elon Musk, has since accessed the CFPB’s internal computer systems and deleted the independent agency’s social media accounts. The National Treasury Employees Union, which represents staff at the CFPB, has sued Acting Director Vought for shuttering the agency and giving DOGE access to its systems.

The Consumer Financial Protection Bureau is an independent agency tasked with enforcing federal consumer financial laws and protecting consumers in the financial marketplace. The CFPB was established under the Dodd-Frank Act and receives its funding through the Federal Reserve, where it is housed, rather than through the congressional appropriations process.  Since its inception in the wake of the Great Recession, the CFPB has been a target for Republicans and the financial industry. In 2024, the Supreme Court ruled that the funding of the CFPB was constitutional.

Impact: Since its creation, the CFPB has returned more than $21 billion back to the pockets of working people and has issued rules that protect workers from predatory financial institutions. By shuttering the CFPB, the Trump-Vance administration eliminated the only independent agency that ensures consumers are protected in the financial marketplace.