Capital Economy, Business and Finance
A federal agency set up to protect US consumers from fraud and unfair business practices in the wake of the 2008 financial crisis looks like it will become the latest victim of Trump’s anti-spending blitzkrieg.
The Consumer Financial Protection Bureau (CFPB) plays a crucial role supervising banks, mortgage companies and cash transfer services to prevent predatory behaviour and has recouped $20 billion in compensation for US consumers since it was founded.
Last month it sued Capital One for allegedly “cheating” customers out of more than $2 billion in lost interest payments.
Russell Vought, Project 2025 co-author and Trump’s budget chief, has taken over as director of the agency, suspending all investigations and closing its offices. Crypto bosses rejoiced.
The CEO of Coinbase – a trading platform that is the source of more than 7,600 complaints to the CFPB – backed the “activist” agency’s closure as “100% the right call”.
