The Consumer Financial Protection Bureau’s closure follows a visit by Elon Musk-led DOGE’s Service team, which aims to cut federal costs|ajay_suresh|CC BY 2.0
The Trump administration is shutting down the Consumer Financial Protection Bureau (CFPB) for a week, raising concerns about its future.
Acting director Russell Vought, appointed on Friday, ordered staff to halt all activities on Saturday. They were instructed to work remotely unless otherwise directed.
Vought’s order halted most of CFPB’s work, including supervision of financial institutions. He previously helped develop Project 2025, a conservative plan to restructure the federal government.
The closure follows a visit by the Elon Musk-led DOGE’s Service team, which aims to cut federal costs. Last week, President Donald Trump replaced CFPB’s director, Rohit Chopra, who had focused on protecting consumers.
The move mirrors efforts to shrink agencies like USAID and FEMA, sparking legal and ethical concerns about executive authority.