CHARLOTTE — Employees of the Consumer Financial Protection Bureau were instructed not to come to work on Monday.
This is the latest move in the Trump administration’s efforts to strip the agency of its power.
At the time of this report, the agency’s website displayed a “404 Page Not Found” message.
According to Action 9′s Jason Stoogenke, the agency can take legal action on behalf of consumers, which is does often.
For example, the bureau recently sued the company behind Zelle and three banks, saying they didn’t do enough to protect consumers from fraud.
The agency is also a big reason banks are more likely to reimburse you now if you fall victim to a Zelle imposter scam.
In addition, the bureau fined Cash App for supposedly taking advantage of customers and ordered Chime to pay millions for allegedly waiting a long time to give many consumers their money when they closed accounts.
The agency also took action against Bank of America for what they called illegal garnishments of customers’ money.
The CFPB also sued Capital One for allegedly charging consumers billions of dollars in unjustified interest.
Additionally, the agency has also played a role in ensuring that medical debt does not negatively impact a consumer’s credit scores.
VIDEO: Zelle says scams can be reimbursed, but what qualifies under new policy?
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