The Consumer Financial Protection Bureau, the consumer watchdog agency designed by Sen. Elizabeth Warren (D-MA) that has been under constant Republican assault since it opened its doors in 2011, has emerged from the early days of Trump’s second term significantly downsized and limited but still alive.

The GOP One Big Beautiful Bill Act cuts the agency’s annual budget by 46%. The defunding comes atop administrative efforts by the Trump administration to largely stop its work of regulating mortgages, credit cards, bank accounts, and other financial products.

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