Russell Vought, the new acting director of the CFPB, has directed a halt to most of the bureau's functions and cut off its funding from the Federal Reserve. His directives include stopping supervision activities, halting the issuance of rules, suspending enforcement actions, and ceasing public communications. Vought justified the funding cut by stating the CFPB's current balance is excessive. This move follows a turbulent week for the bureau, marked by the firing of the previous director, Rohit Chopra, by President Trump.
Russell Vought's actions at the CFPB represent a significant reduction in the agency's operational capacity, effectively halting its oversight functions and cutting funding.
Vought emphasized that the CFPB's current funds are excessive and that ceasing its operations is necessary to align with its duties amid the current fiscal environment.
Collection
[
|
...
]