Ryan Knutson

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.

The CFPB says it's returned nearly $20 billion to consumers through things like principal reductions, canceled debts, and direct compensation to consumers. But pretty much ever since its founding, Republican lawmakers have expressed concerns about the agency and tried to get rid of it.

The CFPB says it's returned nearly $20 billion to consumers through things like principal reductions, canceled debts, and direct compensation to consumers. But pretty much ever since its founding, Republican lawmakers have expressed concerns about the agency and tried to get rid of it.

The CFPB says it's returned nearly $20 billion to consumers through things like principal reductions, canceled debts, and direct compensation to consumers. But pretty much ever since its founding, Republican lawmakers have expressed concerns about the agency and tried to get rid of it.

Here's Republican Senator Tim Scott grilling the former head of the CFPB at a hearing in 2023.

Here's Republican Senator Tim Scott grilling the former head of the CFPB at a hearing in 2023.

Here's Republican Senator Tim Scott grilling the former head of the CFPB at a hearing in 2023.

The CFPB doesn't get its funding from Congress. Its money comes from the Federal Reserve, meaning lawmakers aren't as easily able to influence it. Its critics have also said that it relies too heavily on enforcement actions rather than setting regulations, which creates uncertainty for the banking industry.

The CFPB doesn't get its funding from Congress. Its money comes from the Federal Reserve, meaning lawmakers aren't as easily able to influence it. Its critics have also said that it relies too heavily on enforcement actions rather than setting regulations, which creates uncertainty for the banking industry.

The CFPB doesn't get its funding from Congress. Its money comes from the Federal Reserve, meaning lawmakers aren't as easily able to influence it. Its critics have also said that it relies too heavily on enforcement actions rather than setting regulations, which creates uncertainty for the banking industry.

Over the years, Republicans have introduced bills to limit the CFPB's power, but the agency has so far remained intact. Until Trump appointed a man named Russell Vogt as acting director of the agency. Tell me about Russell Vogt.

Over the years, Republicans have introduced bills to limit the CFPB's power, but the agency has so far remained intact. Until Trump appointed a man named Russell Vogt as acting director of the agency. Tell me about Russell Vogt.

Over the years, Republicans have introduced bills to limit the CFPB's power, but the agency has so far remained intact. Until Trump appointed a man named Russell Vogt as acting director of the agency. Tell me about Russell Vogt.

Vogt served in Trump's first administration as the head of the Office of Management and Budget, a powerful agency that helps the president manage government spending.

Vogt served in Trump's first administration as the head of the Office of Management and Budget, a powerful agency that helps the president manage government spending.

Vogt served in Trump's first administration as the head of the Office of Management and Budget, a powerful agency that helps the president manage government spending.

Boat was also one of the co-authors of Project 2025, a conservative plan for reshaping the federal government. Boat wrote a chapter on how the executive branch should have much more authority to control federal spending.

Boat was also one of the co-authors of Project 2025, a conservative plan for reshaping the federal government. Boat wrote a chapter on how the executive branch should have much more authority to control federal spending.

Boat was also one of the co-authors of Project 2025, a conservative plan for reshaping the federal government. Boat wrote a chapter on how the executive branch should have much more authority to control federal spending.

And after Trump won the election, he put vote back in charge of the OMB. And not only that, he also became the acting head of the Consumer Financial Protection Bureau. That's after the break. When Russell Vogt became acting head of the CFPB on Friday, employees there had already received a memo ordering them to pause ongoing investigations, litigation, and the implementation of new rules.