While the CFPB can still take complaints, it cannot conduct examinations or pursue existing investigations. The order is also interpreted as blocking communication with regulated companies, consumer advocates, and other outside groups.
There’s probably a statute of limitations on some things, and suspension might make it not possible to take some actions.
The fun part of the idiocy is that the complaints are all public. A major complaint the financial industry had was that anyone could go and just say anything about an institution and it could be found by anyone.
So the only part they left behind is peoples ability to say bad things about financial institutions, and took away the agency’s ability to say “actually, quicken loans hasn’t been randomly adding $50 fees to mortgage payments”.
There’s probably a statute of limitations on some things, and suspension might make it not possible to take some actions.
The fun part of the idiocy is that the complaints are all public. A major complaint the financial industry had was that anyone could go and just say anything about an institution and it could be found by anyone.
So the only part they left behind is peoples ability to say bad things about financial institutions, and took away the agency’s ability to say “actually, quicken loans hasn’t been randomly adding $50 fees to mortgage payments”.