CFPB Transfers Cases to DOJ, Faces Funding Shortages

The Consumer Financial Protection Bureau (CFPB) is transferring its remaining legal cases to the Department of Justice due to severe funding shortages, potentially leading to employee furloughs or unpaid work. The CFPB, a key financial watchdog, faces concerns about its ability to protect consumers, as it has already dropped most active enforcement matters and may run out of money by December 31st. This move is seen as a step in the Trump administrations efforts to weaken the agency, despite a court order preventing its shutdown. The CFPB, established after the 2008 financial crisis, has returned over $21 billion to consumers and faces ongoing challenges from industry groups and politicians. The Daily News Now! - Every city. Every story. AI Powered. Hosted on Acast. See acast.com/privacy for more information.