How Trump gutted the CFPB, the agency that recovered $11.7 billion for consumers👇
• Russell Vought, who wrote in 2023 the CFPB "has no reason to exist," installed as acting director February 1 and froze all work within 72 hours.
• 1,500 of 1,700 employees fired by April, including the entire enforcement division and every senior Wall Street examiner.
• Active enforcement cases dropped against Citibank for double-charging customers, Equifax for its 147-million-person data breach, and Bank of America for opening fake accounts.
• Consumer complaint database shut down March 28, after processing 1.6 million complaints in 2024 at a 97% company response rate and serving as a fraud detection tool for 50 state attorneys general.
• All supervision of nonbank lenders frozen, including payday lenders charging 400%+ APR to 12 million borrowers.
• Office of Servicemember Affairs dissolved after recovering $440 million for military families targeted by predatory lenders near Fort Bragg, Camp Lejeune, and Camp Pendleton.
• Student loan ombudsman eliminated, halting 14 investigations into servicers like MOHELA and Nelnet for misapplying payments on $1.77 trillion in debt.
• All fair lending enforcement suspended, including three pending redlining cases in Houston, Philadelphia, and Atlanta.
• Legally mandated semi-annual report to Congress stopped for the first time in the agency's 14-year history.
• Joint investigations with 23 state attorneys general abandoned, including one targeting a debt collector that illegally garnished wages from 85,000 consumers.
• Rule requiring data brokers to get consent before selling your financial records killed one week after the data broker lobby spent $2.1 million fighting it.
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EXCLUSIVE: Trump calls Greenland leadership "very ungrateful" after they refuse annexation in exchange for warehouse-rotting, dollar-store-quality Trump-branded merchandise.
EXCLUSIVE: Trump calls Greenland leadership "very ungrateful" after they refuse annexation in exchange for warehouse-rotting, dollar-store-quality Trump-branded merchandise.