The CFPB is expected to suspend almost all CFPB work, including investigations and supervisory activities. "The office was not liquidated, due to the fact that it was created by legislature and he would gotta formally close it. However, the decision marks the effective closure of the agency, which was created to defend consumers after the 2008 financial crisis," explained the AP Agency.
The head of the Management and Budget Office (OMB) Russell Vought, who issued the order to suspend the activities of the FPB, stated on Saturday that it had an excessive budget.
CFPB claims that since its inception obtained for US consumers benefits of nearly $20 billion in debt and compensation relief and defend customers from fraud of financial companies. Last month, the office sued Capital One, accusing it of misleading consumers, which, according to CFPB, resulted in a real failure of $2 billion in interest.
What did the Consumer Finance Office do?
The head of Better Markets organization Dennis Kelleher stated: “That's why the biggest banks on Wall Street and Trump-friendly billionaires hatred FPB: has served as an effective cop in finance and has supported millions of Americans — and Republicans, and Democrats — in the fight against financial predators, scammers and fraudsters."
The Consumer Financial Protection Office developed and implemented regulations to reduce bank penalties for debits on accounts and proposed restrictions on the sale of individual data.
