It's the main U.S. agency tasked with overseeing the financial products and services used by everyday Americans. The CFPB's new head has closed its offices and told staff to stay home.

Key Takeaways The acting director of the Consumer Financial Protection Bureau asked employees to stop much of their work, closed the headquarters, and said he would refuse the agency's funding.Analysts said that the White House cannot close the agency without Congress' consent but could hold the CFPB back from doing much of its work.

President Donald Trump’s administration has shuttered the headquarters of the Consumer Financial Protection Bureau (CFPB) and ordered the watchdog agency to stop nearly all of its work. On Saturday, CFPB chief Russell Vought sent the directive to the agency’s staff,