The Consumer Financial Protection Bureau (CFPB) has abruptly closed its Washington headquarters, ordering staff to work remotely without explanation.
Employees received an email message that said the bureau would be "closed this week."
"Employees should not come into the office," Please do not perform any work tasks," Acting Director Russell Vought said in an email to CFPB staff on Monday.
The move follows the appointment of Vought in the watchdog role, replacing Treasury Secretary Scott Bessent, reported NPR.
Vought, a key figure in Project 2025, has suspended most agency operations, including investigations and regulatory oversight, raising concerns about consumer protection for Americans from the union representing CFPB employees.
Vought announced the CFPB's shutdown in a post published on X.
"Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not 'reasonably necessary' to carry out its duties," Vought said.
"The Bureau's current balance of $711.6 million is in fact excessive in the current fiscal environment," he said. "This spigot, long contributing to CFPB's unaccountability, is now being turned off."
Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not "reasonably necessary" to carry out its duties. The Bureau's current balance of $711.6 million is in fact...
— Russ Vought (@russvought) February 9, 2025
Elon Musk's Department of Government Efficiency (DOGE) team has gained access to CFPB systems, deleted its social media accounts, and taken control of its website.
Musk's involvement has sparked fears of the agency's potential dismantling, echoing similar actions at USAID.
Meanwhile, Musk declared on social media, "CFPB RIP."
President Donald Trump said Musk will tackle the Pentagon's spending in DOGE's next task.
