Cara Petersen, the acting enforcement director of the Consumer Financial Protection Bureau (CFPB), has resigned, citing attacks on the agency’s core mission by the Trump administration. In her farewell email, Petersen detailed how the administration’s efforts, such as cutting 90% of the workforce, have hindered the CFPB's ability to ensure that financial products are fair and transparent for consumers. She lamented the dismantling of the bureau’s enforcement capabilities, highlighting the reduction of staff, dismissal of cases, and terminations of settlements that favored corporate wrongdoing. Created after the 2008 financial crisis to protect consumers from predatory financial practices, the weakening of the CFPB could also impact its oversight of cryptocurrency exchanges. Petersen criticized Trump's regulatory approach as one that demonstrates a lack of intention to enforce the law meaningfully. The article also discusses the political divide on the necessity of the CFPB, with Republicans viewing it as overly powerful, while Democrats see it as crucial for consumer protection. Additionally, a federal appeals court is currently considering the legality of the Trump administration's actions against the CFPB.

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