SEMINOLE COUNTY, Fla. — After President Donald Trump took office for his second term, his administration instructed employees of the Consumer Financial Protection Bureau to stop working. 

The agency has become a target of Elon Musk’s unofficial Department of Government Efficiency (DOGE).

What You Need To Know

  • After President Donald Trump took office for his second term, his administration instructed employees of the Consumer Financial Protection Bureau to stop working

  • The CFPB, formed in response to the 2008 financial crisis, is an independent government agency designed to protect consumers from financial fraud and deceptive practices, and the agency has regulatory authority over companies who provide financial products and services, including credit cards, bank accounts, loans, credit reports and debt collection

  • The agency gives consumers a way to file a complaint against financial products and services

  • A federal judge ordered a temporary halt to the dismantling of the CFPB

The CFPB, formed in response to the 2008 financial crisis, is an independent government agency designed to protect consumers from financial fraud and deceptive practices.  

The CFPB has regulatory authority over companies who provide financial products and services, including credit cards, bank accounts, loans, credit reports and debt collection.

The agency gives consumers a way to file a complaint against financial products and services. The proposed cuts to the agency have caused concern for consumers who need assistance to dig out of debt.

Brian Hodge says several years ago he and his wife faced thousands of dollars of credit card debt.

“Some poor financial decisions on our part,” said Hodge.

Part of that debt was from their medical bills, including from a stomach surgery he had to have.

He was able to work with Money Management International to get his debt paid down.

“We got the creditors to agree to lower or no interest — many of our cards were no interest — only one was a very small amount of interest,” said Hodge. “And so we suddenly had light at the end of the tunnel. So it was like ‘oh man,’ in three years we won’t have debt anymore.”

But his wife’s health issues have persisted, and along with them — medical bills that are once again adding up.

“Every time she sees a doctor they’re like, we’re not really sure, so we’re going to send you to this specialist. And then that specialist isn’t sure, so we’re going to send you to this other specialist. And that one’s not really sure, so we’re going to send you back to this other one,” said Hodge.

Hodge says he’s been able to avoid bankruptcy, but he’s had to use part of his retirement and other savings to stay financially afloat. He has health insurance, but even with that, he believes medical costs are way too high.

“If medical stuff was affordable, if we all had to pay a little more to know that we could go to a hospital and it wouldn’t cost us much if anything at all, then people could be healthier, and healthier people could work harder and do more,” said Hodge.

Hodge says his wife can no longer work, making their financial situation even tighter.

He believes protections in place to protect Americans financially should stay in place.

“It’s disheartening to have conquered what is a common difficulty among Americans and think finally I’ll be able to save up — maybe one day own a home — the American dream,” said Hodge. “And then you lose it all and it still seems you’re just clawing to tread water.”

A federal judge ordered a temporary halt to the dismantling of the CFPB.