It also wards against the kinds of systemic risks that led to the financial crisis of 2008.
That CFPBs funding mechanism was declared constitutional by the conservative-dominated Supreme Court just last year.
Nuking the CFPB has long been a Republican priority.
President Donald Trump and Elon Musk on November 19, 2024 in Brownsville, Texas.Brandon Bell/Getty Images
It means that the CFPB is not going to uncover consumers being harmed, he says.
It suggests to me that they intend to fully cease operations.
Mondays order for employees to stand down adds to a sense of dread around the bureaus future.
Now Elon Musk gets to look at all of that, the lawyer asserts.
Paoletta wasreportedlyresponsible for issuing the controversial, now court-enjoined, Trump administration memo implementing a sweeping federal spending freeze.
(He is also a close friend and vigorous defender of Supreme Court Justice Clarence Thomas.)
Paoletta did not immediately respond toRolling Stonequestions.
Julie Margetta Morgan was an associate director of research, monitoring, and regulations with the bureau.
Morgan adds that CFPB shutdown is rife with conflict of interest that runs all the way to the top.
They simply do not think that ought to be regulated by the same institutions that regulate bigbanks.
The assault on CFPB is just an opening salvo in a broader battle against financial regulation, Morgan warns.
Its about opening the floodgates for big banks to have their way on financial services.
Voughts shutdown orders and the intrusion of DOGE into the bureau have already provoked a legal reaction.
Thesecondseeks to block DOGE from accessing bureau records, including sensitive employee data.
In the meantime theres a personal cost for public employees caught in the crossfire of an ideological war.
It sucks, says the lawyer.
These people are trying to make us miserable for no reason.
