36 Hours After Russell Vought Took Over Consumer Bureau, He Shut Its Operations

[Passages]

The agency had been one of Wall Street’s most feared regulators, with the power to issue rules on mortgages, credit cards, student loans and other areas affecting Americans’ financial lives.

Stacy Cowley
By Stacy Cowley
Feb. 9, 2025
Updated 7:09 p.m. ET

The day before Linda Wetzel closed on her retirement home in Southport, N.C., in 2012 — a cozy place where she could open the windows at night and catch an ocean breeze — the bank making the loan surprised her with a fee she hadn’t expected. Ms. Wetzel scoured her mortgage paperwork and couldn’t find the charge disclosed anywhere.

Ms. Wetzel made the payment and then filed an online complaint with the Consumer Financial Protection Bureau. The bank quickly opened an investigation, and a month later, it sent her a $5,600 check.

“My first thought was ‘thank you.’ I was in tears,” she recalled. “That money was a year or two of savings on my mortgage. It was my little nest egg.”

Ms. Wetzel’s refund is a tiny piece of the work the bureau has done since it was created in 2011. It has clawed back $21 billion for consumers. It slashed overdraft fees, reformed the student loan servicing market, transformed mortgage lending rules and forced banks and money transmitters to compensate fraud victims.
https://www.nytimes.com/2025/02/09/business/vought-cfpb-musk-trump.html

To loot, to steal, to destroy and dismember, that is the Republican Party.

[kimbutgar]

1. So I guess this administration thinks it ok for Americans to be scammed?

And lose their hard earned money?

[Passages]

2. I personally believe it is policy.

Protections are now disarmed.

[kimbutgar]

3. Expect more bank failures and us getting screwed over!

[Skittles]

4. it just shows who they work for

THE SCAMMERS

[yellow dahlia]

5. Article 1 of the Constitution!

I just finished writing to a dozen Republican Senators. I pointed out to them that Article 1 and the authority of Congress are being trampled on. I told them why they should try and protect our Constitutional Republic from Musk/DOGE and Project 2025.

[Passages]

6. Thank you!

[Igel]

12. Absolutely.

Things like the Bureau of Consumer Protection are an Article VIII agency explicitly authorized by the US Constitution.US Constitutin Article VIII.

And our democracy rides on the back of the Constitution.



On edit:

As a high-schooler, I wondered about what I was taught in the benighted state of MD versus such things' being authorized by Congress and SCOTUS gave its benediction.

I suspended belief. Or disbelief. Same diff.

At some point, that suspension stopped.

There is no executive, authorized by our democracy, that doesn't execute, legislative, or adjudicate. No Article VIII. Does BCP execute, legislate, or adjucate? Per McCeloud, there can be only one.

[John1956PA]

7. I think it aligned deposits vs. debits to minimize overdrafts.

The CFPB helped middle and lower economic tier citizens, but MAGAs celebrate its closure because Musk wants them to.

[SWBTATTReg]

8. This is Eliz Warren's pet project, has she said anything yet?

[Passages]

9. Yes.

Snip: She also said, "Republicans have failed to gut it in Congress and in the courts. They will fail again."

Since the CFPB is a creation of Congress, it would require a separate act of Congress to formally eliminate it. But the head of the agency has discretion over what enforcement actions to take, if any.
https://www.wcvb.com/article/trump-administration-consumer-financial-protectuion-bureau-order-stop/63724625

[SWBTATTReg]

10. Thanks so much!

[DFW]

11. Noem, Noem, you are strange