Employees at the nation’s consumer financial watchdog say it’s become toothless under Trump

The lights are lit at the Consumer Financial Protection Bureau on the other side of the rue de la Maison Blanche, and the employees are always paid. But in practice, the office has been mainly inoperable for almost six months. CFPB employees say they mainly spend the working day sitting on their hands, forbidden to do a job by directive from the White House.

The office is supposed to be Help supervise the country’s banks and financial services companies And take application measures in the event of reprehensible acts. During its 15 -year existence, the CFPB returned around $ 21 billion to consumers who were deceived by financial services companies.

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Instead, its main function now seems to cancel the regulatory and application of the law that was carried out under previous administrations, especially during President Donald Trump’s first mandate.

A current employee, who spoke under the guise of anonymity because the directive prohibits staff members from speaking publicly about their work, said foreigners would be surprised to see the little work. Employees even hesitate to talk to each other, for fear that a conversation between two employees is considered a violation of the directive.

Another employee described the radical change in the mission, to try to protect consumers to do nothing, as “completely demoralizing”.

To understand what is happening inside the CFPB, the Associated Press spoke with 10 current and old employees, as well as bankers and decision -makers who used to interact with the office almost every day, but now say that their emails and vocal messages go to a black hole. The agency’s press office does not respond to emails.

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The CFPB adopted a lighter approach to its mission during Trump’s first term, but continued to continue implementing measures. Under President Joe Biden, the agency adopted an expansive view of its authority, targeting the profitable banks of banks such as overdraft and credit card costs, as well as companies investigating credit reports and medical debt.

The office has also highlighted the large technological companies that have made percaence in financial services. For example, the CFPB Order in Apple to pay $ 89 million in fines and penalties for Apple card problems.

Banks and the financial services sector estimated that the Biden CFPB acted too aggressively, in particular with a proposal to reduce the discovery fees to $ 5 from the industry average from $ 27 to $ 35. The office estimated that this decision would save consumers to save around $ 5 billion a year. The proposal was overturned by the congress In April with the support of Trump.

Once Trump 2.0 started, the office became a main target of the government’s ministry, then led by Elon Musk, who posted on X that the CFPB should “tear” Shortly after the employees of DOGE joined the agency. Through the head of the office, Russell Vought, the White House has published a directive according to which CFPB employees should “ Do not carry out any work task. “”

The administration then I tried to dismiss around 90% of office staff, or around 1,500 employees. The courts have blocked these layoffs, but there is a feeling within the office that court decisions are just a temporary stay.

Companies that have committed reprehensible acts or have had open investigations, have put pressure on the desk and the White House so that their punishments were canceled. Last month, the CFPB canceled an agreement under which Navy Federal Credit Union agreed to pay $ 80 million to settle complaints that it billed its members, including the soldiers and women of the navy and the veterans.

In mid-May, the agency removed an order for the Toyota automotive financing branch to pay customers a total of $ 48 million for illegal observation of car loans for car buyers.

“Companies are lining up to get out of the reimbursement of damage customers,” said Eric Halperin, former director of the office application, who resigned earlier this year.

The Associated Press sent a list of questions to the White House regarding President Trump’s vision for the CFPB. The White House did not respond.

Although the lack of new initiatives and the sailing of the ancients frustrate the employees the most, they also note that even the daily tasks have largely fallen by the way.

A report from the Senate Bureau 2,200 complaints per day At its complaint database, compared to around 10,500 complaints it made in the months preceding Trump’s resumption. Warren had the idea of the office when she was a law professor at Harvard University.

Friday, the office took an application measure. The FIRSTCASH Inc. wage loan chain has agreed to pay $ 9 million to settle allegations that it billed excessive interest rates on loans to armed soldiers, in violation of the military loans. FirstCash operates more than 1,000 stores.

The office will be even more reduced in the coming months. The new law on the budget signed by Trump earlier this month Cut the CFPB financing of about half, which means that the office will be forced to mass dismissals. The Democrats of the Senate seek means to restore this funding.

In the meantime, the employees make their common routine: they continue to check their email once or twice a day to see if one of their previous work should be defeated. They are waiting to be dismissed. The only constants are the silence of the appointments of the office or the “mini funeral” who occur every Friday, when another lot of employees who decided to leave the office voluntarily their last day.

“I don’t think I will work in the public service again,” said a current employee, who has been looking for a new job for three months.