The move has sparked a wave of protests from Democrats and activists, who rallied outside the CFPB headquarters in Washington, DC on Monday.
According to the Daily Mail, CFPB employees were instructed not to report to work until at least February 14, as per a memo circulated over the weekend. Acting head Russell Vought also directed the agency's staff to cease their operations. This move is seen as part of the Trump administration's broader effort to reduce the size and spending of the federal government, an initiative being spearheaded by Musk's DOGE team.
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Among the Democratic lawmakers who attended the rally was Squad Rep. Ayanna Pressley. She criticized Musk's involvement in the government, stating, "Elon Musk and your muskrats, Elon Musk, I mean Donald Trump, same thing at this point, right? Who really is the President?" Pressley questioned the benefits of Musk's involvement in government affairs, asking, "Tell me how letting Elon put his paws in the cookie jar is helping a single person who calls this country home?"
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Pressley also praised the CFPB for its role in protecting consumers, citing its efforts in tackling scammers, capping bank overdraft fees, preventing medical debt from damaging Americans' credit reports, and addressing lending discrimination by banks. She expressed her disbelief at the decision to dismantle such an agency, asking, "This is what we’re going to dismantle? What in the hell kind of government efficiency is that?"
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Senator Elizabeth Warren, a key figure in the creation of the CFPB, also voiced her opposition at the rally. She criticized Trump and Musk for their attempts to "shut down the agency that has delivered $21 billion to hard-working families." Warren framed the situation as a struggle between ordinary citizens and billionaires seeking to exploit them. She warned those who do not want some "weird Elon Musk suck-up searching through your personal, private data, this is your fight."
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The crowd responded with boos at the mention of Musk and cheers for the CFPB. Senator Chris Van Hollen of Maryland also pledged to halt "Musk’s illegal operation," describing the attempt by the world's richest man to shut down compensation for Americans cheated by scammers as "particularly sick, particularly twisted."
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The CFPB was established under the Dodd-Frank Act in 2010 following the 2008 financial crisis. Democratic lawmakers argue that the agency was created by Congress and, therefore, the Trump administration cannot unilaterally dismantle it. They warn that efforts to shut down Congress-created agencies like the CFPB and USAID could lead to a constitutional crisis.
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The White House, however, defended its actions on Monday, claiming that the CFPB has functioned as a "woke, weaponized arm" of bureaucracy. As the debate continues, the fate of the CFPB and its role in protecting consumers hangs in the balance.
