Overview

• The Trump administration has significantly reduced the operations of the Consumer Financial Protection Bureau (CFPB), including mass firings of nearly 200 employees and halting key enforcement activities.
• The CFPB, created in 2010 after the financial crisis, has returned over $21 billion to consumers and played a critical role in regulating financial products and services.
• Senator Elizabeth Warren and other Democrats have raised concerns about the impact on consumers, citing an 80% drop in complaints processed by the CFPB since the firings began in early February.
• Legal challenges have been filed to contest the firings and the dismantling of the agency, with a federal judge temporarily blocking further layoffs and a hearing scheduled for March 3.
• Critics, including Republican lawmakers and Trump allies, argue that the CFPB operates without sufficient oversight, with efforts underway to permanently abolish the agency.