The White House announced a significant shift Monday in the mission and operations of the Consumer Financial Protection Bureau (CFPB), vowing to end what it described as the agency’s “weaponization” under previous administrations.
The announcement comes as new polling from CBS News shows strong public support for President Donald J. Trump’s return to office and his efforts to fulfill campaign promises.
The CFPB, initially conceived by Massachusetts Senator Elizabeth Warren, was established to protect consumers from financial abuses.
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However, the Trump administration argues that the agency has strayed from its original purpose, becoming a tool for advancing partisan agendas and targeting industries and individuals disfavored by political elites.
“The CFPB isn’t a Wall Street regulator; it’s a Main Street regulator,” the White House statement read. “Under the administration of President Donald J. Trump, the weaponization ends right now.”
The statement outlined several examples of what it called the CFPB’s overreach and misuse of power:
- Funding Radical Advocacy Groups: The CFPB allegedly used funds collected from penalties against financial institutions to support organizations like the Soros-backed Mississippi Center for Justice, which advocates for “racial and economic justice,” and The Legal Aid Society of the District of Columbia, which has lobbied for increased welfare spending.
- Pressuring Banks: The agency reportedly threatened banks that refused to lend to undocumented immigrants.
- Targeting Small Businesses: The CFPB was accused of targeting a Chicago small business after it raised concerns about the city’s crime rates.
- Data Privacy Concerns: A 2017 inspector general’s report raised alarms about the CFPB’s handling of Americans’ personal financial information, citing significant data security risks.
- Expansion of Powers: In the final days of the Biden administration, the CFPB granted itself broad new authorities, including the ability to regulate checking accounts and impose government price controls. The agency also unilaterally erased $50 billion in medical debt, a move critics called “government overreach.”
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The White House emphasized that the Trump administration is committed to reforming the CFPB to ensure it serves its intended purpose: protecting consumers without overstepping its authority or advancing partisan agendas.
“The American people deserve a government that works for them, not against them,” the statement concluded.
The overhaul of the CFPB is part of President Trump’s broader agenda to reduce government overreach and refocus federal agencies on their core missions.
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