Lisa Rosenthal, a former CFPB attorney who spent 13 years at the agency, described a situation in early 2025 where she and her colleagues were effectively sidelined. "We were in this very bizarre situation. The offices were closed. We weren't on leave," Rosenthal said. "We're just sitting at home, staring at our computer screens, not able to do work." This inactivity stands in stark contrast to the agency's previous work, which included pursuing abusive practices in the student loan market, auto financing, and debt collection, as well as assisting victims of predatory payday loans.
The decline in the CFPB's operations follows President Trump's repeated criticism of the agency, which he has characterized as an example of government overreach. During his first term, the Trump administration took steps to weaken the CFPB's authority and budget. These efforts have continued into his second term, leading to concerns about the agency's ability to fulfill its mission. The agency's budget has been cut by approximately 20% since 2024, impacting its ability to investigate and prosecute financial institutions.
The impact of a weakened CFPB could be significant for consumers. The agency has previously recovered billions of dollars for consumers harmed by financial misconduct. For example, in 2023, the CFPB secured $1.2 billion in restitution for consumers who were victims of illegal debt collection practices. A diminished CFPB could leave consumers more vulnerable to predatory lending, unfair debt collection practices, and other forms of financial abuse.
The current status of the CFPB remains uncertain. Consumer advocates are calling on Congress to take action to restore the agency's funding and authority. However, with a Republican-controlled Congress, it is unclear whether such efforts will be successful. The future of the CFPB, and its ability to protect consumers, remains in doubt.
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