The agency had been one of Wall Street’s most feared regulators, with the power to issue rules on mortgages, credit cards, student loans and other areas affecting Americans’ financial lives.

The Consumer Financial Protection Bureau and will suspend most of its operations, according to a memo from its new acting director Russell Vought.

The closure of the CFPB, established after the 2008 financial crisis, follows a visit Friday by members of Elon Musk’s U.S. DOGE Service team.