Crippling the CFPB Could Hurt Consumers and Loosen Regulations for Financial Giants

It looks like the end of the road for a government watchdog, which experts say could leave you with fewer financial protections. The Consumer Financial Protection Bureau is beginning to "wind down" operations as its new leadership team and Elon Musk's DOGE gut the agency, according to a lawsuit filed by the union representing CFPB employees. "Staff were told by senior executives that the CFPB would be eliminated except for the five statutorily mandated positions," a current CFPB employee testified under the pseudonym Drew Doe. "The CFPB would exist in name only." The government agency, which oversees consumer financial services and products, employs 1,400 workers but has already suspended most operations. In the past two weeks, the agency dropped multiple lawsuits, including cases alleging Capital One misled its customers and operators of Zelle skipped important safety features. Last week, the US Senate voted to strip the agency of its power to monitor digital payment platforms, in ... Read full article.