Key Takeaways The acting director of the Consumer Financial Protection Bureau asked employees to stop much of their work, closed the headquarters, and said he would refuse the agency's funding.Analysts said that the White House cannot close the agency without Congress' consent but could hold the CFPB back from doing much of its work.

The financial watchdog agency was formed after a 2008 crisis. The Trump administration has told staffers not to take any actions — or even come into the office.

It's the main U.S. agency tasked with overseeing the financial products and services used by everyday Americans. The CFPB's new head has closed its offices and told staff to stay home.