00:00It's Benzinga, bringing Wall Street to Main Street.
00:03The Trump administration filed a legal motion seeking to dismantle the Consumer Financial
00:07Protection Bureau, according to The Guardian. Administration attorneys said the CFPB expects
00:12to run out of funds by early 2026 and cannot legally request more from the Federal Reserve.
00:19The agency was created after the financial crisis to oversee consumer finance
00:22and has returned over $21 billion to U.S. consumers.
00:26The Department of Justice's legal counsel claimed the Fed's losses since 2022
00:31prevent the CFPB from drawing funds from combined earnings.
00:35White House Budget Director Russell Vought said in October that he plans to shut down the CFPB within three months.
00:42Democrats condemned Vought's plan to close the CFPB, citing court rulings that prohibit its shutdown
00:46and warning it would harm American families.
00:49For all things money, visit Benzinga.com.
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