Major Wall Street banks experienced broad declines, with Morgan Stanley (MS.US) falling by more than 2.5%.

On Monday, the Philadelphia bank index fell 0.78%, and major Wall Street banks experienced a decline. As of the time of writing, Wells Fargo (WFC.US), Morgan Stanley (MS.US) fell more than 2.5%, Goldman (GS.US), Citigroup (C.US), JPMorgan Chase (JPM.US), and Bank of America (BAC.US) fell more than 1%. On the news front, the US Consumer Financial Protection Bureau's headquarters in Washington, D.C. will be closed from October 10 to 14, and its staff will work remotely.

Adam Martinez, the chief operating officer of the US Consumer Financial Protection Bureau, announced the news in a memo to employees on the same day, according to reports. In addition, Russell Vought, the acting director of the bureau who was newly appointed by the Trump administration, sent a notice to employees on August 8, asking them to "stop all regulatory and examination activities." The National Treasury Employees Union, which represents some employees of the Consumer Financial Protection Bureau, has filed a lawsuit in an attempt to stop Vought's actions. The union believes that Vought's actions violate the US Constitution.

US media pointed out that the Consumer Financial Protection Bureau has become the latest target of Trump and Musk's actions to cut federal agencies.

The US Consumer Financial Protection Bureau was established by the Obama administration to address the shortcomings of the financial industry after the 2008 financial crisis. It began operations on July 21, 2011, and is responsible for supervising financial institutions in the United States with assets of more than $10 billion. It is an independent agency of the Federal Reserve.