Who's In Charge Now? Government Turns Over Banks Watchdog to New Leader

People in charge of important government policies are constantly shuffling. Recently, Russell Vought switched jobs to lead the Consumer Financial Protection bureau. Russell's new role didn't come as an automatic promotion. He got the job after the US Senate approved his slot. They decided to make him the head of the Office of Management and Budget. A few hours after, he was put in charge of the watchdog bureau. The watchdog is an important agency that makes sure that the U. S's banks and financial institutions are playing fair. So when it comes to consumer financial services, the CFPB is like the referee that makes sure no one cheats and the financial game between the players and customers is fair. The DOGE team (Department of Government Efficiency) hid the CFPB from X users. Are they planning to do the same with other social media platforms? The CFPB's main website page was locked up. People thought the government would make a big announcement about why they were deleting the site. Instead, they put up a "404 page not found" message. Elon Musk, a well-known space entrepreneur, even wrote a somber tweet. "CFPB RIP". Musk's tweets are often a source of good banter and entertainment. Before tweeting RIP, Musk had a disappointing day. He was probably reflecting on the death of CFPB's power. RIP is an indication that Musk knew the DOGE team was going to stop CFPB from interacting with users. The CFPB plays a critical part in monitoring consumer financial standards. Removing the agency from the social media platform means removing the agency from the public eye. He wasn't the only one. A lot of insiders were unhappy when DGE officials got administrative access to the CFPB system. Internally, the mood is going down. They can't stop wondering why their social media platforms were deleted. Both the White House and the bureau have not given any comments. Therefore, people can only make inferences about the situation. At a time where billions are spent on social media marketing, it is hard to justify shutting down the bureau's social media accounts. That bureau could have created better user engagement. Financial institutions are linked to every single person in the world who holds a bank account or any form of investment. Competition on all sectors is all these financial institutions focus on. The watchdog is critical in making sure that critical processes are fair and accessible is targeted at protecting consumers. These places should not be trustworthy. All kinds of tricky methods are used to make sure people are unaware about what is happening in the financial world. By deleting the CFPB's social media platform before letting everyone know what they are planning, the DOGE team have given conspiracy theorists ample room to "chew" on. It is scary to think what else could also be true. Why wouldn't they talk about it?

Actions