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.

Russell Vought, who was confirmed by the Senate as the head of the Office of Management and Budget on Thursday, took over control of the Consumer Financial Protection Bureau on Friday night, the Wall Street Journal reported,

Trump fired the CFPB’s Biden-era leader earlier this week, putting in place Treasury Secretary Scott Bessent, who froze the agency’s work.

The order to shutter the agency’s headquarters follows another order issued Saturday by Mr. Vought, who also leads the Office of Management and Budget, telling agency employees to halt nearly all their work.