Washington (APP) – Trump administration has ordered Consumer Financial Protection Bureau To prevent all your work, effectively shut down an agency that was created to protect consumers after the 2008 financial crisis and sub -mortgage lending scandal.
Russell said, Newly installed director Regarding the Office of Management and Budget, CFPB was instructed in an email on Saturday night to stop working on the proposed rules, to suspend effective dates on any rules but now It is not effective, and has been directed to stop the investigative work and not launch a new investigation. . The agency has been the target of Conservatives since President Barack Obama called for it to be included in the 2010 financial reform law after the 2007-2008 financial crisis.
The email also ordered the bureau to “eliminate all the surveillance and examination activities”.
At the end of Saturday, Votan said in a social media post that CFPB will no longer withdraw funds from the Federal Reserve, adding that its current financing is 1 711.6 million. The Congress directed the bureau to provide financial support through the feed so that it could affect it with political pressure.
CFPB says it has received about $ $ 20 billion for US consumers since it was established in the form of canceled loans, compensation and low loans.
“That’s why Wall Street’s largest bank and Trump’s billionaire ally bureau hates the Bureau of Wall Street,” said Dennis Calir, president of a lawyer market, said: This is an effective policeman on the finance bat and hundreds of millions. Standing together.
The administration’s move against the CFPB highlights tensions among Trump’s more popular people who reduce their commitment to reducing costs for working class families and reducing government regulations. Yes.
During the campaign, Trump said he would put credit card interest rates at 10 %, when he recorded an average of more than 20 %, the Federal Reserve eliminated interest rates in 2022 and 2023 – CFPB was. Started work How will this proposal be implemented?
The vote email is on February 3, according to the Treasury Secretary Scott Basant’s directive, and this is the latest step by the Trump administration to reduce the work of federal agencies, which they have understood as excessive. The vote suggested that the CFPB is “unacceptable” in its social media post.
Obama formed a bureau in the wake of the 2007-2008 housing bubble and financial crisis, which was partially caused by fake mortgage loans. The Massachusetts was a mental maker of Democratic Sen Elizabeth Warren and it attracted criticism and Legal fodder From large banks and trade associations of the financial industry.
The vote email states that President Donald Trump made him the acting director of CFPB on Friday. Trump Fired Former Bureau Director Rohit Chopra on February 1.
Under Chopra, CFPB approved rules for blocking over draft fees by banks, limited junk fees, and proposed restrictions on data brokers selling personal information such as social security numbers. – The agency also tried to ban contracts and also tried to resolve complaints about the alleged “dancing” of crypto firms and conservatives, causing access to financial services to give any political statements to someone. Can cause losing.
