Not sure why it's not covered in that wiki article, but I'm specifically referencing the FDIC and related agencies. They have been so decimated by DOGE that it is possible that multiple of those related agencies will be consolidated into one (FDIC, NCUA, OCC, etc.).
I can't go into too much detail, but for a financial institution to offer certain financial products, you have to submit a proposal to one of the above regulatory bodies to get their approval. We were attempting to do just that and we couldn't even find the proper person at the given agency who should be receiving said proposal. It was even rumored that regulatory agency who would normally review such proposals didn't have the staff to review them. And the review would be done by an entirely different group of regulators who have not done such things historically.
Additionally, these agencies do regular exams of financial institutions to ensure they are complying with regulations and handling fraud properly. These cuts have led to those exams either not happening, or happening at a fraction of the depth they had been previously.
I can't go into too much detail, but for a financial institution to offer certain financial products, you have to submit a proposal to one of the above regulatory bodies to get their approval. We were attempting to do just that and we couldn't even find the proper person at the given agency who should be receiving said proposal. It was even rumored that regulatory agency who would normally review such proposals didn't have the staff to review them. And the review would be done by an entirely different group of regulators who have not done such things historically.
Additionally, these agencies do regular exams of financial institutions to ensure they are complying with regulations and handling fraud properly. These cuts have led to those exams either not happening, or happening at a fraction of the depth they had been previously.