The Consumer Finance Protection Bureau (CFPB) will be placed on hiatus as Trump continues to overhaul the executive branch.

The CFPB was created in 2010 following the financial crisis and recession with the purpose of protecting the American consumer from unlawful or predatory practices from finance companies, which led to the recession.

The agency has been the subject of ire from Wall Street since its inception, where its first major act was returning $12 million to American consumers from banks acting in bad faith. Many finance moguls, including Elon Musk, are detractors of the agency, claiming that it limits free market capitalism and freedom of choice for consumers.

Musk and the Department of Government Efficiency are behind the closure, as the agency deemed the CFPB as unnecessary, before accessing the agency’s social media platforms and deleting their profiles.

Director of the Office of Management and Budget, Russell Vought, has long been a vocal critic of the agency.

“The CFPB has been a woke & weaponized agency against disfavored industries and individuals for a long time,” Vought stated on X following Trump’s suspension of the bureau. “This must end.”

This comes just over a week after Rohit Chopra, the CFPB’s head, was fired by Trump. Chopra, who recently served in the Federal Trade Commission under Trump, was confirmed to lead the CFGP in 2021, where Kamala Harris cast the tie-breaking vote.

Senator Elizabeth Warren (D-MA), who helped create the CFPB while she was a law professor at Harvard in 2007, railed against the decision, stating that defanging the bureau would mean “CEOs on Wall Street will once again be free to cheat you out of your savings.”

As of right now, the CFPB is only suspended for a week, but further suspension is expected to follow.