Senate Republicans have moved to reduce the funding of the Consumer Financial Protection Bureau (CFPB) by nearly 50% as part of President Donald Trump’s "Big Beautiful Bill." This budget cut is expected to result in hundreds of job losses at the agency, which serves as a federal financial watchdog. The CFPB has returned $21 billion to consumers since its inception. Democrats have indicated plans to restore the bureau's budget at the earliest opportunity. Additionally, President Trump has directed federal agencies to slash regulations, with the CFPB reportedly going beyond these directives by pushing aggressive regulatory cuts. The Trump administration has also eliminated a proposed CFPB rule that would have prohibited debanking practices.