A federal judge has issued a preliminary injunction preventing the Trump administration from dismantling the Consumer Financial Protection Bureau (CFPB). Judge Amy Berman Jackson stated that without intervention, the administration would shutter the agency responsible for protecting consumers from financial fraud before legal review could occur. This ruling comes after significant unrest within the CFPB following mass layoffs and operational halts initiated by the new leadership. The decision is important for maintaining oversight of consumer protections established after the 2008 financial crisis.
"If the defendants are not enjoined, they will eliminate the agency before the Court has the opportunity to decide whether the law permits them to do it, and as the defendants' own witness warned, the harm will be irreparable."
"The bureau's chief operating officer, Adam Martinez, said the agency was in 'wind-down mode' after Trump fired its previous director, Rohit Chopra, on Feb. 1."
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