The sudden shutdown of the Consumer Financial Protection Bureau by the Trump administration has ignited protests outside the agency’s headquarters, with demonstrators voicing anger over what they see as an attack on buyers. The CFPB was established in 2011 after the financial crisis to safeguard Americans from financial fraud.
The closure was ordered by Acting Director Russell Vought, who instructed employees to halt all investigations, enforcement actions and regulatory work. The administration has criticized the CFPB as “unaccountable” and “overfunded,” citing its $823 million annual budget and 1,700 employees. However, critics argue that the shutdown is a politically motivated move to weaken oversight of powerful financial institutions.
“I actually doubt that Trump has a lot to do with this particular issue,” said protester Ted Kinnaman. “He has handed power to other billionaires, and they have always hated this agency, and with Trump in office, they have an opportunity to kill it.”
Protesters gathered Monday outside the CFPB’s headquarters in Washington, D.C., to demand the agency’s reinstatement. Among them were consumer advocates and Democratic lawmakers who highlighted the bureau’s track record of securing nearly $21 billion in relief for consumers since its creation. Signs reading “Stop the Billionaire Grift!” and “Nobody Elected Elon!” referenced Elon Musk’s Department of Government Efficiency (DOGE), which played a role in halting CFPB operations.
“If you shut them down, we go back to the kinds of things we had before the financial crisis,” said Michael Calhoun, the president of the Center for Responsible Lending, “where people were getting unaffordable mortgages, where people were getting ripped off with all these high credit card and overdraft fees, the CFPB has helped make that all better for consumers.”
Massachusetts Sen. Elizabeth Warren, who helped create the CFPB, delivered a fiery speech at the protest. “Trump and Musk want this little agency gone because it forced giant banks and corporations to give back billions they cheated from families,” she said. Warren vowed to fight for the agency’s survival through legal and legislative action.
The shutdown has left ongoing investigations into major corporations like Wells Fargo and Capital One in limbo, raising concerns about accountability for financial misconduct. As protests grow and lawsuits challenge the legality of the closure, the fate of the CFPB remains uncertain.
