On February 11, the head of the Federal Reserve informed a senior Democratic senator that, besides the Consumer Financial Protection Bureau, there is no U.S. regulatory agency overseeing banks' compliance with rules against deceptive practices targeting consumers. The senator, Elizabeth Warren, raised concerns about the funding of the CFPB and the lack of oversight in ensuring that large banks adhere to consumer protection laws. Federal Reserve Chairman Powell confirmed that no other federal regulator is currently handling this responsibility. Meanwhile, under Elon Musk's initiative for government efficiency, the Trump administration has instructed CFPB staff to halt enforcement actions.