The White House published an article attacking the Consumer Financial Protection Bureau (CFPB), portraying it as a politicised agency and asserting that, under President Donald J. Trump’s administration, its “weaponization ends right now.” Examples cited included claims that the CFPB used a fund sourced from actions against financial institutions to support advocacy groups, threatened banks over lending decisions involving illegal immigrants, and targeted a Chicago small business after it complained about crime. The article also referenced accusations that the CFPB mined Americans’ personal financial information, pointing to a 2017 inspector general report raising concerns about data security, and criticised the agency for taking what it described as broad new powers late in the Biden administration, including authority to regulate checking accounts through price controls and to “unilaterally” bury USD 50 billion in medical debt.
The White House 2025-02-10
United States' White House criticises the Consumer Financial Protection Bureau and says its 'weaponization' will end under President Trump
The White House criticized the Consumer Financial Protection Bureau (CFPB) as politicized, asserting its "weaponization" would end under President Trump. The article accused the CFPB of using funds from actions against financial institutions to support advocacy groups, threatening banks over lending to illegal immigrants, and targeting a Chicago small business. It also raised concerns about data security and criticized the CFPB's expanded powers, including regulating checking accounts and managing USD 50 billion in medical debt.