Cara Petersen has left her position as the acting enforcement director at the Consumer Financial Protection Bureau (CFPB), using her farewell message to sharply criticize the Trump administration.
In an email reviewed by Reuters on June 10, Petersen stated that recent decisions by agency leadership had made it difficult for the bureau to fulfill its core duties.
Petersen described plans to reduce staff by around 90%, which she said would prevent the agency from properly overseeing financial services and protecting consumers. She noted that case closures, dropped settlements, and staff reductions have weakened the office’s workload.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Cardano in Crypto? (Easily Explained!)
The email said the recent changes are part of a larger trend where laws are not being properly enforced. She compared the situation to how the Trump administration handled trade tariffs, which left many US crypto mining companies uncertain about their future due to unclear policy decisions.
She stated that President Donald Trump “has no intention to enforce the law in any meaningful way”.
The CFPB was established after the 2008 financial crisis to prevent financial companies from taking advantage of their customers. It was meant to help with problems involving loans, credit cards, and other money-related products.
It also looks into complaints about cryptocurrency platforms. As a result, a weaker CFPB could mean less oversight in that industry, even as scams and fraud continue to affect users.
On May 29, Elon Musk resigned from the Department of Government Efficiency (DOGE), a White House initiative aimed at reducing federal spending and job cuts. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
