{"id":1052549,"date":"2025-04-18T16:46:52","date_gmt":"2025-04-18T20:46:52","guid":{"rendered":"https:\/\/democrats.org\/?p=1052549"},"modified":"2025-04-18T16:46:53","modified_gmt":"2025-04-18T20:46:53","slug":"trump-administration-shutters-consumer-financial-protection-bureau-and-lets-financial-predators-off-the-hook","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trump-administration-shutters-consumer-financial-protection-bureau-and-lets-financial-predators-off-the-hook\/","title":{"rendered":"Trump Administration Shutters Consumer Financial Protection Bureau and Lets Financial Predators Off the Hook\u00a0"},"content":{"rendered":"\n
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Donald Trump and his corrupt billionaire Cabinet just fired over<\/em> 1,000<\/em><\/a> of the Consumer Financial Protection Bureau\u2019s (CFPB) remaining employees in the most recent effort to shutter America\u2019s watchdog agency and let financial predators off the hook. The CFPB has put <\/em>$19.7B<\/em><\/a> back in Americans\u2019 pockets and has over a decade-long track record of holding predatory companies accountable for fraud, scams, and discrimination. Trump and his billionaire backers are making it clear they will always cheat hardworking Americans to line their own pockets. <\/em><\/p>\n\n\n\n

NEW: Donald Trump\u2019s administration has fired most of the Consumer Financial Protection Bureau\u2019s remaining employees, after rolling back protections against financial predators.<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cThe Consumer Financial Protection Bureau on Thursday moved to fire more than 1,000 of its remaining employees,<\/strong> according to two people familiar with the matter, defying a court order barring the Trump administration from terminating employees at the watchdog agency except for cause related to their individual performance. \u2026 <\/strong><\/p>\n\n\n\n

\u201cAs part of that judge\u2019s order, the administration was also required to reinstate probationary employees and other staff initially fired in February. The order also barred the administration from issuing reduction-in-force letters to any CFPB employees. \u2026<\/p>\n\n\n\n

\u201cThe layoffs were announced less than a day after the agency said it would slash its inspections of financial services companies in half and turn away from oversight of student loan, medical debt and digital payment issues, <\/strong>according to a memo sent to staff Wednesday from Mark Paoletta, the agency\u2019s chief legal officer. \u2026 <\/p>\n\n\n\n

\u201cThe memo said all past CFPB enforcement and supervision priorities had been rescinded.\u201d<\/strong><\/p>\n\n\n\n

The CFPB has helped protect consumer interests for 14 years, putting <\/strong>$19.7 billion<\/strong><\/a> back in millions of Americans\u2019 pockets. <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cAs of January 30, 2025, CFPB enforcement actions have resulted in:<\/strong><\/p>\n\n\n\n

\u201c$19.7 billion in consumer relief <\/strong>\u2026 195 million people eligible for relief \u2026 [and] $5 billion in civil money penalties\u201d <\/p>\n\n\n\n

Politico<\/a>: \u201cWells Fargo Slammed With $3.7B Penalty, In Record CFPB Settlement\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cBank of America agreed Wednesday to pay nearly $800 million in penalties for deceiving millions of customers into buying costly and unneeded services when they signed up for credit cards.\u201d <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201c[T]he Consumer Financial Protection Bureau (CFPB) [ordered] Regions Bank to pay<\/strong> $50 million into the CFPB\u2019s victims relief fund<\/strong> and to refund<\/strong> at least $141 million to customers harmed by its illegal surprise overdraft fees.<\/strong>\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme\u201d<\/strong><\/p>\n\n\n\n

Military Times<\/a>: \u201cTroops will get part of a $5M settlement in alleged title loan scam\u201d<\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures\u201d <\/strong><\/p>\n\n\n\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

Donald Trump and his corrupt billionaire Cabinet just fired over 1,000 of the Consumer Financial Protection Bureau\u2019s (CFPB) remaining employees in the most recent effort to shutter America\u2019s watchdog agency and let financial predators off the hook. The CFPB has put $19.7B back in Americans\u2019 pockets and has over a decade-long track record of holding […]<\/p>\n","protected":false},"author":293,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1052549","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTrump Administration Shutters Consumer Financial Protection Bureau and Lets Financial Predators Off the Hook\u00a0 - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/trump-administration-shutters-consumer-financial-protection-bureau-and-lets-financial-predators-off-the-hook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-18T20:46:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-18T20:46:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Shelby Reese\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shelby Reese\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/trump-administration-shutters-consumer-financial-protection-bureau-and-lets-financial-predators-off-the-hook\/\",\"url\":\"https:\/\/democrats.org\/news\/trump-administration-shutters-consumer-financial-protection-bureau-and-lets-financial-predators-off-the-hook\/\",\"name\":\"Trump Administration Shutters Consumer Financial Protection Bureau and Lets Financial Predators Off the Hook\u00a0 - 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