The U.S. Senate Committee on Banking, Housing and Urban Affairs published a minority press release highlighting a new video from Senator Elizabeth Warren warning that Elon Musk and Project 2025 architect Russ Vought are seeking to “kill” the Consumer Financial Protection Bureau (CFPB), including by stopping key supervisory and enforcement functions. The release alleged that Vought has directed the CFPB to cease supervision and examination activity and to pause pending investigations and enforcement actions, which it framed as taking the watchdog for the USD 18 trillion consumer lending market “off the job”. It linked the claimed pause to the cancellation of investigations into illegal foreclosures and car repossessions, the dropping of examinations related to debanking risks and Big Tech privacy and data practices, and the shelving of rules aimed at reducing junk fees such as capping overdraft fees and banning credit card late fees. The release also pointed to the CFPB’s record of securing more than USD 21 billion in refunds to consumers, including hundreds of millions of dollars returned to veterans. Senator Warren argued that only Congress can shut down the CFPB and said she would continue to fight in Congress and the courts.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-02-10
U.S. Senate Committee on Banking, Housing and Urban Affairs releases Senator Warren video warning of efforts to halt CFPB supervision and enforcement
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a minority press release with a video from Senator Elizabeth Warren, warning that Elon Musk and Russ Vought aim to dismantle the Consumer Financial Protection Bureau (CFPB). The release alleges Vought has directed the CFPB to halt supervision, investigations, and enforcement actions, impacting oversight of the USD 18 trillion consumer lending market. Senator Warren emphasized that only Congress can dissolve the CFPB and vowed to continue her efforts in Congress and the courts.