NEW YORK CITY, New York: For the last six months, the Consumer Financial Protection Bureau (CFPB) has been issuing pay cheques to its staff who have been ordered not to perform their duties, leaving the bureau idle in all but name.

The CFPB, established 15 years ago to police banks and financial service providers, has been instrumental in returning some US$21 billion to consumers harmed by predatory practices. Now, the agency's core mission is being dismantled under new leadership, with staff stuck in limbo—paid but prohibited from acting.

"It feels like we're just waiting," said one current employee, who spoke anonymously due to restrictions on speaking publicly. "We show up, check emails, and try not to talk too much. Even small conversations feel risky."

Ten current and former employees, along with industry professionals who once worked closely with the bureau, painted a similar picture: internal communication has all but stopped, and staff feel adrift. The press office no longer responds to inquiries.

While the CFPB dialed back its enforcement under President Donald Trump's first term, it still pursued some consumer protection cases. That shifted under President Joe Biden, when the bureau cracked down on excessive bank fees and probed the growing role of Big Tech in financial services, securing penalties from companies like Apple.

However, the recent return of Trump's influence has reversed course dramatically. The Department of Government Efficiency—now overseen by Elon Musk—called for the CFPB's shutdown, and acting chief Russell Vought ordered employees not to carry out any job-related tasks. The courts temporarily blocked an effort to lay off 1,500 employees, but insiders worry that further cuts are imminent.

Some enforcement actions have already been rolled back. Navy Federal Credit Union, for instance, was allowed to withdraw from an $80 million settlement over unlawful overdraft fees. Toyota also avoided penalties related to questionable loan practices.

The bureau's productivity has plummeted. According to a report by Senator Elizabeth Warren, the CFPB now processes just 2,200 consumer complaints per day, down from around 10,500 before the policy shift.

There have been rare exceptions. The bureau recently settled a case with FirstCash, a national pawn chain, over illegal high-interest loans to service members, resulting in a $9 million fine. However, with looming budget cuts that could slash funding in half, such enforcement actions may become even rarer.

Inside the bureau, morale has cratered. As one employee put it, each week brings "mini-funerals" as colleagues resign rather than endure the uncertainty. For those who remain, the days are quiet, the work is scarce, and the future is uncertain.

"I don't think I'll ever work in public service again," said one current employee, who has been looking for a new job for the past three months.