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Hundreds of protesters gathered in Washington, D.C., on Monday in response to the Trump administration's sudden suspension of operations at the Consumer Financial Protection Bureau (CFPB), which has recovered over $21 billion for defrauded consumers, according to demonstrators. Actively joining the protest were lawmakers Elizabeth Warren and Maxine Waters, who criticized the move as a blatant attempt to undermine financial oversight. Warren likened the shutdown to a bank robber disabling the alarm before a heist.
Under the directive from acting CFPB director Russell Vought, all staff were ordered to cease operations, resulting in confusion about basic duties. Waters condemned the action, claiming it was orchestrated to benefit tech billionaire Elon Musk, who allegedly influenced the closure to facilitate his financial platform, X Money. Critics argue that the suspension threatens essential consumer protections in areas such as credit fees and payday lending oversight. A September poll indicated broad public support for the CFPB, with 91% of voters deeming regulation necessary for fair financial services.