Vought's decision to freeze the operations of the Consumer Financial Protection Bureau (CFPB) has been labeled a "code red" situation by the Democratic senator.
According to Mediaite, an internal email from Vought, who recently assumed the role of acting head of the CFPB, directed employees to cease all supervision, investigations, enforcement actions, and stakeholder engagement. Furthermore, he announced that the bureau would not seek its next round of funding from the Federal Reserve, describing its $711.6 million balance as "excessive."
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Vought's actions are part of a wider initiative by the Trump administration to reduce costs and downsize federal agencies. This initiative includes the involvement of Elon Musk in the Department of Government Efficiency (DOGE), focusing particularly on regulatory bodies such as the CFPB and USAID.
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Musk himself announced the demise of the CFPB on social media platform X, posting "CFPB RIP" accompanied by a tombstone emoji. Shortly after this, the CFPB's X account disappeared, and its website became inaccessible.
In response to these developments, Senator Warren posted a video on social media, voicing her concerns: "If you have a bank account or credit card or mortgage or student loan, this is code red! I am ringing the alarm bell. Elon Musk and the guy who wrote Project 2025, Russ Vought, are trying to kill the Consumer Financial Protection Bureau. If they succeed, CEOs and Wall Street will once again be free to trick, trap, and cheat you."
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Warren went on to highlight the crucial role of the CFPB in protecting consumers from scams and fraud on payment apps like Zelle, PayPal, and Cash App. She emphasized the bureau's role in stepping in when big banks make mistakes, such as repossessing cars, and in curbing excessive fees hidden in the fine print by banks and credit card companies. "Already, this little agency has forced giant banks and corporations to give back more than $21 billion directly to families they cheated – and that includes hundreds of millions of dollars back for veterans who got cheated by predatory lenders."
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Warren questioned the motives behind the attempts to dismantle the CFPB, suggesting that it was a payoff to wealthy campaign donors who sought to exploit families without fear of repercussions. "It’s another scam," she declared.
She reminded her audience of the CFPB's origins in the aftermath of the 2008 financial crash and the subsequent bank bailout, stating that the bureau was created by Congress to protect consumers from being swindled. "For years, Republicans have tried and tried again to repeal it in Congress, and they have failed every single time. Congress built the CFPB, and no one other than Congress, not the President, not Musk, not Vought, can shut it down."
Warren concluded her video with a call to action, urging her followers to contact their representatives and spread the word about the threat to the CFPB. "We are here to fight for the little agency that fights for us," she affirmed.
