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The CFPB's top enforcer departs with a scathing email criticizing Trump.
The acting director of the Consumer Financial Protection Bureau (CFPB), Cara Petersen, has resigned, accusing the Trump administration of undermining the agency's mission.
In a farewell email, Petersen stated that cutting 90% of the workforce has made it difficult for the CFPB to carry out its mission of protecting consumers. This agency was established after the 2008 financial crisis to oversee financial companies and prevent abusive practices. The dismantling of the CFPB could lead to less oversight in the cryptocurrency industry, where fraud continues to occur. Many Republicans believe the CFPB holds too much power, while Democrats see it as an essential department. The appellate court is reviewing the legality of the layoffs at the CFPB.