Government,
Constitutional Law
Feb. 12, 2025
Constitutional showdown looms over shuttered Consumer Financial Protection Bureau
Office of Management and Budget Director Russell Vought directed the agency to cease operations, prompting lawsuits from federal employee unions and scrutiny from legal scholars. With regulatory oversight in limbo, financial services companies -- including Elon Musk's newly launched X Money Account -- may now operate without CFPB intervention.
The Consumer Financial Protection Bureau, established in the wake of the Great Recession, has been aggressively enforcing federal laws against San Francisco Bay Area companies, including Apple Inc. and Alphabet Inc., which have entered the financial services business.
As of now, the agency - though created by Congress - has been shut down after an order by Office of Management and Budget director Russell Vought in a move that could provoke a constitutional crisis.
CFPB em...
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