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Trump administration declares CFPB funding illegal
Posted on 11/11/25 at 2:10 pm
Posted on 11/11/25 at 2:10 pm
Liz Warren's little harassment agency, which has done the opposite of what its goal is by actually making it less likely that lenders will loan to people with bad credit, is about to go away
Trump administration moves again to dismantle top US consumer watchdog
Trump administration moves again to dismantle top US consumer watchdog
quote:
Government argues funding mechanism behind Consumer Financial Protection Bureau is unlawful
The Trump administration has launched its most direct attempt yet to shut down the top US consumer watchdog, arguing the current funding mechanism behind the Consumer Financial Protection Bureau (CFPB) is unlawful.
Attorneys for the administration claimed in a court filing that the agency “anticipates exhausting its currently available funds in early 2026”, setting the stage for it to be dismantled.
The CFPB is legally barred from seeking additional funds from the Federal Reserve, its typical source of funding, the attorneys suggested.
Donald Trump’s officials have tried persistently to close the agency, attempting to fire the vast majority of its workforce. These efforts sparked months of legal wrangling.
The CFPB has returned more than $21bn to US consumers since it was set up, in the wake of the financial crisis, to shore up oversight of consumer financial firms.
The justice department’s office of legal counsel issued an opinion claiming the CFPB cannot draw money from the Fed currently, claiming the “combined earnings of the Federal Reserve System” refers to profits of the Fed, which has operated at a loss since 2022.
Several federal judges have previously rejected that argument used by companies attempting to dismiss lawsuits brought by the agency, reported Politico.
Russell Vought, the White House office of management and budget director, said in October that he plans to shut down the agency, and that this would take up to three months.
The claim was criticized by Democrats, given previous contrary statements from the administration, and court decisions blocking the agency from being shut down.
“These comments are particularly concerning given that a federal court has specifically blocked you from illegally shutting down the agency,” wrote Senate banking committee Democrats in a letter to Vought. “Your continued attempts to shutter the CFPB are illegal, and American families stand to pay the price.”
Vought has already suspended most of the agency’s work, as the full DC circuit court of appeals is deciding whether to take the case as a lower court order blocked the firings of about 90% of the agency’s staff.
The CFPB did not immediately respond to a request for comment.
4
Posted on 11/11/25 at 2:15 pm to stout
Good. The CFPB was nothing more than a globalist woke shakedown gestapo destroying any businesses who refused to support globohomo or who dared to innovate in ways that might compete with the multinational cartels that control most major industries. The CFPB were instrumental in the de-platforming and de-banking of conservative groups, pundits, and social media influencers as well as arms manufacturers, crypto companies, and tech startups developing disruptive technologies.
They were doing so all while simultaneously insulated from any oversight by Congress or even the President. Just a completely unconstitutional economic secret police.
They were doing so all while simultaneously insulated from any oversight by Congress or even the President. Just a completely unconstitutional economic secret police.
This post was edited on 11/11/25 at 2:16 pm
Posted on 11/11/25 at 2:18 pm to stout
So if a bank screws you, you have nowhere to turn?
When conservatives were pushed out of bank accounts, it was this agency that helped them.
LINK
A New York business frozen out of its checking account. A Georgia chemotherapy patient denied a credit card refund after a product dispute. A New Jersey service member defrauded out of their savings. These consumers — along with hundreds of others — reached out to their congressional representatives for help in the past 12 months.
“I have been unable to pay my rent, utilities, personal bills, student loans, or my credit card. I have been unable to buy groceries or put gas in my car,” wrote the New Yorker, who contacted Rep. Nicole Malliotakis’ office.
Records show their representatives — all Republicans — referred them to the Consumer Financial Protection Bureau, the watchdog agency formed in the wake of the Great Recession to shield Americans from unfair or abusive business practices. All three consumers got relief, according to agency data.
Then the lawmakers — along with nearly every other Republican in Congress — voted to slash the agency’s funding by nearly half as part of President Donald Trump’s signature legislative package, the One Big Beautiful Bill Act, a step toward the administration’s goal of gutting the agency.
Overall, members of Congress have steered nearly 24,000 complaints to the CFPB since it opened its doors in 2011. Roughly 10,000 of those were referred by the offices of current and former Republican lawmakers, ProPublica found. “This is how members of Congress from both parties get help for the people who live in their districts,” said Erie Meyer, the CFPB’s former chief technologist, who left the agency in February. The agency has a particular mandate to help service members and seniors, she noted. “This is how, if a service member is getting screwed on an auto loan, this is the only place they can go.”
When conservatives were pushed out of bank accounts, it was this agency that helped them.
LINK
A New York business frozen out of its checking account. A Georgia chemotherapy patient denied a credit card refund after a product dispute. A New Jersey service member defrauded out of their savings. These consumers — along with hundreds of others — reached out to their congressional representatives for help in the past 12 months.
“I have been unable to pay my rent, utilities, personal bills, student loans, or my credit card. I have been unable to buy groceries or put gas in my car,” wrote the New Yorker, who contacted Rep. Nicole Malliotakis’ office.
Records show their representatives — all Republicans — referred them to the Consumer Financial Protection Bureau, the watchdog agency formed in the wake of the Great Recession to shield Americans from unfair or abusive business practices. All three consumers got relief, according to agency data.
Then the lawmakers — along with nearly every other Republican in Congress — voted to slash the agency’s funding by nearly half as part of President Donald Trump’s signature legislative package, the One Big Beautiful Bill Act, a step toward the administration’s goal of gutting the agency.
Overall, members of Congress have steered nearly 24,000 complaints to the CFPB since it opened its doors in 2011. Roughly 10,000 of those were referred by the offices of current and former Republican lawmakers, ProPublica found. “This is how members of Congress from both parties get help for the people who live in their districts,” said Erie Meyer, the CFPB’s former chief technologist, who left the agency in February. The agency has a particular mandate to help service members and seniors, she noted. “This is how, if a service member is getting screwed on an auto loan, this is the only place they can go.”
This post was edited on 11/11/25 at 2:19 pm
Posted on 11/11/25 at 2:18 pm to stout
more winning Posted on 11/11/25 at 2:19 pm to kingbob
Many lenders have said that they recalculated credit risk profiles because they were not willing to deal with the harassment from the CFPB when trying to collect on defaults.
The alleged goal of the CFPB was to improve lending to low-income, credit-risk people, but instead, it actually did the opposite.
As with anything, when the Gov gets involved, it impedes commerce.
The alleged goal of the CFPB was to improve lending to low-income, credit-risk people, but instead, it actually did the opposite.
As with anything, when the Gov gets involved, it impedes commerce.
Posted on 11/11/25 at 2:20 pm to Eurocat
quote:
So if a bank screws you, you have nowhere to turn?
Banks are already regulated. What does the CFPB do extra?
quote:
All three consumers got relief, according to agency data.
Because it is easier for the businesses to refund and move on than deal with the harassment of the CFPB.
Posted on 11/11/25 at 2:29 pm to Eurocat
quote:
When conservatives were pushed out of bank accounts, it was this agency that helped them.
You ignored this key word. WAS. It WAS needed. And like many things created (example: Unions), it was used and abused by the left to target conservatives.
Sorry Eurocat, your people fricked the program up. Instead of bashing the right, maybe you should turn your pearl clutching towards your commie buddies who fricked up the program???
Posted on 11/11/25 at 2:33 pm to stout
I was worried this was about the College Football Playoffs.
Posted on 11/11/25 at 2:44 pm to kingbob
Hear hear king bob,
I might also add, they agreed to reduce the fines IF they donated to charitable groups, over which 90% were ultra liberal NGOs, aint that a kick in the head.
This POS organization should have been disbanded and investigated by the DOJ for their nonsense.
I might also add, they agreed to reduce the fines IF they donated to charitable groups, over which 90% were ultra liberal NGOs, aint that a kick in the head.
This POS organization should have been disbanded and investigated by the DOJ for their nonsense.
Posted on 11/11/25 at 2:47 pm to Eurocat
quote:
When conservatives were pushed out of bank accounts, it was this agency that helped them.
Posted on 11/11/25 at 2:51 pm to Eurocat
quote:
So if a bank screws you, you have nowhere to turn?
Posted on 11/11/25 at 2:58 pm to BugAC
quote:
You ignored this key word. WAS. It WAS needed. And like many things created (example: Unions), it was used and abused by the left to target conservatives.
This wasn't the organization that did this kind of targeting, that was more the IRS and DOJ.
What Does the CFPB Regulate?
The Consumer Financial Protection Bureau is charged with creating rules and taking enforcement actions to protect consumers from unfair, deceptive, or abusive practices by a wide range of financial institutions and businesses. Its actions involve banks, mortgage servicers, credit card companies, student loan processors, payday lenders, money transfer providers, credit reporting agencies and debt collectors. rhe CFPB passed rules capping bank overdraft fees and removing medical debt from credit reports. The bureau sued financial services companies for misleading consumers and employers for misleading workers. It also focused on curbing junk fees and predatory lending practices.
What Put the Agency in the Crosshairs?
Before Trump took office, banks and industry groups sometimes sued to block some of the agency’s rules. For example, when the CFPB issued a rule in 2017 to limit the number of payments the providers of payday loans, vehicle title loans, and high-cost installment loans could take from customer bank accounts, trade associations for payday lenders challenged the bureau’s Federal Reserve funding as unconstitutional. In May 2024, the U.S. Supreme Court rejected their argument and upheld the CFPB’s funding and oversight model.
Posted on 11/11/25 at 3:06 pm to kingbob
quote:
The CFPB was nothing more than a globalist woke shakedown gestapo destroying any businesses who refused to support globohomo or who dared to innovate in ways that might compete with the multinational cartels that control most major industries. The CFPB were instrumental in the de-platforming and de-banking of conservative groups, pundits, and social media influencers as well as arms manufacturers, crypto companies, and tech startups developing disruptive technologies.
They were doing so all while simultaneously insulated from any oversight by Congress or even the President. Just a completely unconstitutional economic secret police.
I very much want to understand how these things were done.
Can you explain in more detail how this was done and with some examples, please?
How did they affect these companies and stop them from advancing non mainstream ideas/technologies?
How were they insulated from scrutiny by Congress?
Thanks in advance
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