On February 1st Rohit Chopra was fired from his role as CFPB head. President Trump then installed Russell Vought as acting director. Russell Vought has now ordered staff to stay away from the office and do no work with an e-mail stating “Employees should not come into the office,” & “Please do not perform any work tasks.”
The Trump administration provided the following statement describing the CFPB “woke, weaponized arm of the bureaucracy that leverages its power against certain industries and individuals disfavored by so-called elites”.
CFPB Alternatives
Now that the CFPB has been ordered to shutter, many readers have asked what can be done to hold financial institutions to account when things go awry. The best solution I can think of currently is to contact your state’s attorney general if having issues, but please provide other alternatives in the comments below.
Final Thoughts
While this will likely save financial institutions many hundreds of millions of dollars in the short term, over the medium to long term it will be interesting to see what happens to consumer confidence.
Comments for this post will start open, I suspect I will have to close them quickly as people will just fight in the comments. Please keep discussion to the closing of the CFPB and how it affects our hobby.
Comments have now been closed as I don’t think anything productive is being discussed any longer.
