Ryan Knutson

Over the weekend, the Trump administration continued taking a buzzsaw to the federal government. After largely dismantling USAID, a $40 billion agency focused on delivering foreign aid, President Trump's sights are now set on the Consumer Financial Protection Bureau, or CFPB. It's an agency that was created in the wake of the 2008 financial crisis.

Over the weekend, the Trump administration continued taking a buzzsaw to the federal government. After largely dismantling USAID, a $40 billion agency focused on delivering foreign aid, President Trump's sights are now set on the Consumer Financial Protection Bureau, or CFPB. It's an agency that was created in the wake of the 2008 financial crisis.

Over the weekend, the Trump administration continued taking a buzzsaw to the federal government. After largely dismantling USAID, a $40 billion agency focused on delivering foreign aid, President Trump's sights are now set on the Consumer Financial Protection Bureau, or CFPB. It's an agency that was created in the wake of the 2008 financial crisis.

That's our colleague Brian Schwartz. He says Republicans have been railing against the agency for years.

That's our colleague Brian Schwartz. He says Republicans have been railing against the agency for years.

That's our colleague Brian Schwartz. He says Republicans have been railing against the agency for years.

Welcome to The Journal, our show about money, business, and power. I'm Ryan Knudson. It's Tuesday, February 11th. Coming up on the show, is this the end of the Consumer Financial Protection Bureau?

Welcome to The Journal, our show about money, business, and power. I'm Ryan Knudson. It's Tuesday, February 11th. Coming up on the show, is this the end of the Consumer Financial Protection Bureau?

Welcome to The Journal, our show about money, business, and power. I'm Ryan Knudson. It's Tuesday, February 11th. Coming up on the show, is this the end of the Consumer Financial Protection Bureau?

After the 2008 financial crisis, now Democratic Senator Elizabeth Warren, who back then was a law professor at Harvard, led a push to create an agency that would serve as a consumer watchdog on financial institutions.

After the 2008 financial crisis, now Democratic Senator Elizabeth Warren, who back then was a law professor at Harvard, led a push to create an agency that would serve as a consumer watchdog on financial institutions.

After the 2008 financial crisis, now Democratic Senator Elizabeth Warren, who back then was a law professor at Harvard, led a push to create an agency that would serve as a consumer watchdog on financial institutions.

In 2010, Democrats in Congress passed a suite of new regulations on the banking industry, without much Republican support, that included Warren's CFPB idea. And in 2011, the Consumer Financial Protection Bureau got up and running. So what has it been doing over the course of its life? How has it been regulating the banks?

In 2010, Democrats in Congress passed a suite of new regulations on the banking industry, without much Republican support, that included Warren's CFPB idea. And in 2011, the Consumer Financial Protection Bureau got up and running. So what has it been doing over the course of its life? How has it been regulating the banks?

In 2010, Democrats in Congress passed a suite of new regulations on the banking industry, without much Republican support, that included Warren's CFPB idea. And in 2011, the Consumer Financial Protection Bureau got up and running. So what has it been doing over the course of its life? How has it been regulating the banks?

Over its roughly 14-year lifespan, the agency has passed a number of regulations aimed at protecting consumers and issued billions of dollars in fines.

Over its roughly 14-year lifespan, the agency has passed a number of regulations aimed at protecting consumers and issued billions of dollars in fines.

Over its roughly 14-year lifespan, the agency has passed a number of regulations aimed at protecting consumers and issued billions of dollars in fines.

For instance, in 2022, the CFPB reached a settlement with Wells Fargo that included a $1.7 billion fine and that required the bank to give $2 billion back to consumers after the agency said the bank wrongfully foreclosed on homes, illegally repossessed vehicles, and incorrectly charged fees and interest.

For instance, in 2022, the CFPB reached a settlement with Wells Fargo that included a $1.7 billion fine and that required the bank to give $2 billion back to consumers after the agency said the bank wrongfully foreclosed on homes, illegally repossessed vehicles, and incorrectly charged fees and interest.