A timeline of what happens at the CFPB under Trump
President Trump’s commotion of the Consumer Financial Protection Bureau continued. On Friday evening, Russell Vought, the architect of the Project 2025 Plan and the newly confirmed director of the White House Office of Management and Budget, e -mailed top employees of the CFPB to inform them that he had been appointed as acting director, according to the Wall Street Journal.
The CFPB account was removed by Saturday morning Twitter and the CFPBs Startpage leads to a message of 404 “page not found”, although the links of the page are all still functional.
The agency was a target of Trump during his first term, and his anti-regulation attitude has only become stronger since then. In November, Elon Musk, head of the President’s team to lower the expenditure – the Ministry of Governmental Efficiency of Doge – tweeted: “Remove CFPB. There are too many duplicative regulatory authorities. “
What is happening now? It depends on who you ask.
Peter Idziak, a senior employee at Polunsky Chisel Greendoes not provide a total closure of the desk. “Although Elon Musk has called on the CFPB to be removed, that would require an act of the congress. However, acting director Vought can minimize the activities of the agency by reducing staff, reducing financing requests to the FED and continuing the ban on the continuation of existing or opening new enforcement actions.
“It would surprise me that I would see the desk completely uncertainty. He will need some staff to at least supervise the regulation process for existing rules that he wants to withdraw or revise and all the new guidelines he wishes to give. “
On Friday, while Bessent was still acting director, the ranking of the House Financial Services Committee Maxine Waters and other house democrats sent a letter to Bessent:
“We are deeply alerted and worried that you seem to be launching the Trump administration plan to be contrary to the will of the congress and to have this popular consumer watchdog that enjoys the broad two -part support of four of the five Americans,” ” the legislators wrote. “… We recommend that you immediately call in what an illegal stop work order seems to be and allowing the cfpb officials to work again for the American people as required by law.”
Here is a timeline of everything that happened at the CFPB since Trump was inaugurated:
February 1
—Trump Fires CFPB director Rohit Chopra
February 3
—Trump names Scott Bessent New Actteren CFPB director
—Bost orders agency to stop working
February 4
– Chopra leaves a blueprint for enforcement at state level
February 6
—Alizabeth Warren urges the White House to get CFPB in ‘Unfreeze’
—MortGage servants plans for a degradation CFPB
February 7
—Musk’s team gets access to CFPB building, data systems
February 8
—Russel Vought takes over CFPB
—CFPB home page 404 MessageAlthough it is operational
