According to reports, Americans should exercise caution when doing business with big banks, payday lenders, and related entities going forward. On Sunday, reports emerged that the CFPB had essentially been shuttered.
The Lowdown
CNN reports that the latest agency targeted by D.O.G.E. is now shuttered. The Consumer Financial Protection Bureau was the premier government agency meant to protect American consumers from financial scams, predatory practices, bad payday lenders, and related issues.
CNN notes that without explanation officials at the agency informed employees that the headquarters (in Washington DC) would be closed for the week. Employees on their part have been ordered to work from home unless otherwise deemed essential. The move comes after Russell Vought who leads the Office of Budget Management took over as acting director of the CFPB.
The work stoppage order per the outlet appears to have come directly from Vought.
“Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall…cease all supervision and examination activity,” the order reads.
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