Trump, DOGE work to shutter CFPB, an agency created in response to the 2008 financial crisis
60-minutes By Lesley Stahl
February 23, 2025 / 7:00 PM EST / CBS
In his role overseeing the Department of Government Efficiency, or DOGE, Elon Musk posted on X yesterday an order to all federal workers to report what they got done last week. Failure to do so would be taken as a resignation. This bombshell was dropped as teams of DOGE workers continue to zero in on one agency after the next: the IRS, Social Security Administration, and others that store your personal information.
One agency the president wants to expunge is the Consumer Financial Protection Bureau, the CFPB – created to shield Americans from financial fraud and shady lending practices. A DOGE team was given wide access to the bureau's computers. What are they looking for? Are they downloading files? Deleting them? We don't know.
Rohit Chopra was the director of the CFPB until February 1 when he was fired by President Trump. It was the first salvo against the bureau.
Lesley Stahl: Most people have never heard of the CFPB. Why were you targeted?
Rohit Chopra: Well that's what's so suspicious right now. It's a pretty small agency. But here's what's interesting – the companies that the CFPB oversees are actually some of the biggest and most powerful.
Lesley Stahl: Like what?
Rohit Chopra: The biggest Wall Street banks, the biggest credit card companies, the biggest tech companies in Silicon Valley who are increasingly lurching into banking and finance.
Lesley Stahl: And these companies don't like it?
Rohit Chopra: Well, why would they?
Lesley Stahl: Right, why would they?
Rohit Chopra: They would want a situation where the agency is a lapdog rather than a watchdog.
The watchdog bureau – created by Congress - was the brainchild of Sen. Elizabeth Warren.
Sen. Elizabeth Warren (during CFPB protest): After the 2008 financial crash and the big bank bailout, Congress created the CFPB to protect people from getting swindled.
She's now leading the uphill fight to keep the bureau alive.
Sen. Elizabeth Warren (during CFPB protest): For every person who wants to buy a home without getting scammed, this fight is your fight. For every student who wants to borrow money to go to school without getting defrauded, for every member of our military who doesn't want to get trapped by some sleazy pay-day lender, say it with me? This is your fight. Oh and for every American who doesn't want some weird Elon Musk suck-up searching through your personal, private data, this is your fight.
President Trump (in Oval Office): Pocahontas, Pocahontas, the fake, the faker.
With Sen. Warren's connection, the president and conservatives in general dismiss the agency as a seat of woke radicalism.
President Trump (in Oval Office): It was a bad group of people running it… that was a vicious group of people. They really destroyed a lot of people.
Reporter (in Oval Office): Can you confirm it's, your goal is to have it totally eliminated, the agency?
President Trump (in Oval Office): I would say yeah because we're trying to get rid of waste, fraud, and abuse.
Getting rid of waste, fraud, and abuse is a job the president handed to Elon Musk, and DOGE. But eliminating an agency that regulates tech companies creates a potential for conflicts of interest for Musk, especially given the secrecy of the project.
Elon Musk (in Oval office): I don't know of a case where an organization has been more transparent than the DOGE organization. And then you can see: am I doing something that benefits one of my companies or not? It's totally obvious.
If there's one thing the DOGE operation is not, it's obvious or transparent. Take the small team that was given access to the bureau's computers. These are rare verified pictures of three team members entering the building on Friday, February 7.
Hanna Hickman: We heard from our colleagues that they're camped out in the basement. And they've got papers up on the windows to keep people from looking in. And they've been accessing data, certainly.
Hanna Hickman: That's what we've heard. I think if there was transparency people might feel more confident about what's happening.
Three hours after they swept in, Elon Musk posted this on X: "CFPB RIP" – rest in peace. That day, President Trump appointed Russell Vought, an ardent critic of the bureau, as its acting director, and he announced on X he would stop funding the agency: "the spigot… is now being turned off."
Lorelei Salas: I'm worried about your account number, your social security number being out there….KEK
https://www.cbsnews.com/news/trump-doge-cfpb-60-minutes-transcript/