The Consumer Financial Protection Bureau has effectively ceased operations as acting director Russell Vought instructed employees to end all supervision, examination, and stakeholder engagement activities. This directive builds on prior instructions from his predecessor, Treasury Secretary Scott Bessent. Although the bureau cannot be entirely closed without Congressional action, these measures significantly weaken its functionality. The bureau, aimed at protecting consumer interests in financial sectors, has a history of enforcing regulations, such as a recent lawsuit against Capital One. Vought's appointment raises concerns about the future regulatory landscape under his leadership.
Mr. Vought, who was confirmed this week to lead the Office of Management and Budget, was on Friday named acting director of the consumer protection bureau.
As acting director, I am committed to implementing the president's policies, consistent with the law, and acting as a faithful steward of the bureau's resources, Mr. Vought wrote in the email.
#consumer-financial-protection-bureau #russell-vought #financial-regulations #government-oversight #policy-changes
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