The CFPB Gets DELETED After Elon Axe’s 1,400 Employees—Wall Street Couldn’t Be Happier…

Pour one out for the Consumer Financial Protection Bureau—aka the only part of the federal government that gave even half a sh*t about protecting people from predatory banks, shady lenders, and the definition of a Craigslist roommate. It’s gone. Not officially, but functionally. As of this week, the agency is a ghost ship floating in purgatory, gutted by the Trump administration like it owed them money. 

(Source: Giphy) 

In short, over 1,400 of the CFPB’s 1,700 employees were axed. Fired. Disappeared.  No severance parade, just a mass reduction in force that, according to insiders, hit “literally every office” and wiped out entire departments. What’s left? A skeleton crew of 200 people, probably breathing into paper bags and wondering when Elon’s guys will start selling their desks on eBay. 

Meaning, as of now, the DOGE squad has majority access to procurement, HR, enforcement records, and god knows what else. Keep in mind, this is Elon we are talking about, the guy who just so happened to have tweeted “Delete CFPB” and “RIP CFPB”. However, while as thrilling as this must be for him, the problem here is that for the most part, the CFPB was the only federal agency built specifically to stop banks from screwing you over. Credit card disclosures went through them. Student loan servicer lawsuits, them. Medical debt rules, also them. Since it was created post-2008 to make sure we didn’t let Wall Street single-handedly f*k our economy over again, the CFPB has returned nearly $20 billion to consumers. And now, the entire infrastructure of it has been gutted.

(Source: Wired) 

As a result, according to an internal email, the agency will officially start focusing on “tangible harm” which translates to “getting money back directly to consumers” (sooo, still doing the same thing as before? Sounds legit). But what’s really interesting is how feral the legal process has been with this. For instance, a federal judge had issued a restraining order against these firings just a few weeks ago, but an appeals court gave the green light—as long as the administration pretended to do “individual assessments” before firing everyone. Spoiler: they didn’t.

According to several fired employees, the DOGE crew didn’t even follow the collective bargaining agreement, let alone Dodd-Frank, and went straight for the throat. And now, we have Wall Street’s wet dream taking place in real time. For the time being, big banks, payday lenders, and credit bureaus will be about as wild as the kids on Breaking Amish, as deregulation just gave them the greenlight to go full-send into making “Greed is good” their entire personality.  

(Source: Giphy) 

So, while the new strategy is “sit at home and don’t touch anything” (literally, the staff was told not to work), the CFPB is dead in everything but name. And unless someone brings the legal hammer down fast, the only “consumer protection” we’ll be getting for God knows how long is whatever’s left in our wallets after Wall Street finishes looting it. Fun times. For now, place your bets accordingly, and stay safe and there, friends. Until next time…

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Stocks.News does not hold positions in companies mentioned in the article.