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Kiplinger
Kiplinger
Business
Donna Fuscaldo

Trump Wants to Shut Down the CFPB: Why Retirees Should Care

Couple on the phone holding a credit card.

The Consumer Financial Protection Bureau (CFPB), a government watchdog created in July 2011 to combat financial fraud and protect consumers, is the latest target of President Donald Trump and Elon Musk’s overhaul of the federal government.

Earlier this month, Trump fired the agency's director, Rohit Chopra. Over the weekend, Russell Vought, the new head of the Office of Management and Budget, directed the CFPB to stop all investigations, supervision, actions and any work on proposed rules that have not yet been enacted. Visitors to the CFPB website are greeted with a “Page not found” message, though at least for now, you can still navigate to other pages on the website that have retained information.

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