The Consumer Financial Protection Bureau (CFPB), a federal agency established to safeguard consumers from financial misconduct, faces an unprecedented dismantling under its Trump-appointed leadership, according to a flurry of testimony from current and former employees.
Documents filed late Thursday reveal a detailed plan to “wind down” the agency, terminate nearly all of its 1,700 employees, and erase its operational footprint.
The move is consistent with Trump’s long-standing vow to dismantle the Dodd-Frank. In the days after his election in 2016, NPR reported the president-elect said he would “get rid of” the legislation he blamed for stifling banks and economic growth. This commitment, rooted in his broader deregulation agenda, led to a partial rollback of Dodd-Frank in 2018.