Trump orders Consumer Financial Protection Bureau to cease activity

nytimes.com

36 points·DiscourseFan··9 comments

IANAL, but this email might not have any force of law because the CFPB was created by COTUS by Dodd–Frank and its parent agency is the Federal Reserve. While it generally complies with OMB guidance, it doesn't necessarily form a legally-binding reporting structure.

Doesn't matter. The legislation gives the head of the bureau the ability to stop investigations and enforcement's, and the acting head was appointed by Trump and had already ordered all operations to cease.

Couldn't the same playbook be used at agencies like EPA?

FTA: "The agency ... cannot be closed without congressional action, but its director can freeze most of its actions by halting enforcement, weakening or repealing regulations and softening its supervision of banks and other lenders"

I would like to hear an argument for why this bureau should cease activity.

You mean a well-reasoned and good faith argument?

the agency has 700 mln budget of mostly salaries for 1700 people, but does not bring enough value for what it spends.

plus the unusual funding scheme makes the agency unconstitutional to start with and should be rolled into one of the existing regulators of the banking industry: OCC, FDIC, FRB, etc.

there is no valid reason to bloat regulators, rather than improve the function of existing

https://www.forbes.com/sites/eriksherman/2025/02/09/consumer...

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