The Consumer Financial Protection Bureau (CFPB) has been in the news recently due to the appointment of Russell Vought as its new director by former President Donald Trump. However, it seems that Vought has wasted no time in making significant changes to the agency, effectively winding it down just days after taking over.

The CFPB was established in 2010 as a response to the financial crisis, with the aim of protecting consumers from unfair and deceptive financial practices. It has been a controversial agency since its inception, with critics arguing that it has too much power and lacks accountability.

Vought’s appointment was seen as a move to reign in the CFPB’s power and bring it more in line with the Trump administration’s deregulatory agenda. And it seems that he has wasted no time in doing so. In just a few days, Vought has made sweeping changes to the agency, effectively dismantling it from within.

One of the most significant changes made by Vought was the removal of the CFPB’s enforcement powers. This means that the agency will no longer be able to take legal action against financial institutions for violating consumer protection laws. This move has been met with criticism from consumer advocates, who argue that it leaves consumers vulnerable to financial fraud and abuse.

In addition to stripping the agency of its enforcement powers, Vought has also reduced the CFPB’s budget and staff, effectively crippling its ability to carry out its mission. This has raised concerns about the agency’s ability to protect consumers and hold financial institutions accountable.

The swift and drastic changes made by Vought have sparked controversy and raised questions about the future of the CFPB. Will it continue to exist in its current form, or will it be completely dismantled? Only time will tell, but one thing is for sure: the CFPB, as we know it, is no more.