Vought excludes most CFPB functions, cuts the financing
Russell Vought, the newly mentioned acting director of the Consumer Financial Protection Bureau (CFPB), closes most functions of the agency and has broken down his financing from the Federal Reserve.
In one Letter to the desk staff On Saturday evening, Vought sent them to:
1. Stop all supervisory activity that has not been approved by the acting director.
2. Stop approving or issuing proposed or final rules or formal or informal guidelines.
3. The effective data suspends all final rules that have been issued or published, but have not come into force.
4. Stop research activities with regard to enforcement actions, including the settlement of enforcement actions.
5. Stop opening a new investigation in what way and in anticipation of probes.
6. Stop issuing public communication of each type, including research documents.
The CFPB is funded via the Federal Reserve System, not via the congress, and Vought has broken down that financing and this message is on X Account Saturday evening:
“Based on the Consumer Financial Protection Act, I informed the Federal Reserve that CFPB will not take its next draw of non -suitable financing because it is not ‘reasonably necessary’ to perform its duties. The current balance of the $ 711.6 million agency is in fact excessive in the current tax environment. This spigot, which contributes for a long time to the irresponsibility of CFPB, is now being switched off. “
Vough was appointed acting director of the office on Friday evening after he was confirmed earlier in the week to lead the White House Office of Management and Budget.
De Laatste Nieuws dops on a chaotic week in front of the desk.
On 1 February President Trump Rohit Chopra, the director of the CFPB since 2021, and then appointed his new acting director’s new acting director a few days later. The first action by Bessent was to order employees to stop some office activities, including the issue of final rules, enforcement actions for settlements or participation in legal affairs.
On Friday, employees of Elon Musk’s Department of Government Efficiency (Doge) gained access to the CFPB building and the data system. Later that night, Vought inquired Senior Staff whom he was named as the new acting director of the agency.
The CFPB account was removed by Saturday morning Twitter and the CFPBs Startpage leads to a message of 404 “page not found”, although the links of the page are all still functional.
The agency was a target of Trump during his first term and his anti-regulation position was a characteristic of his 2024 campaign. In November, Musk tweeted: “Remove CFPB. There are too many duplicative regulatory authorities. “On Friday, when the DOGE team of Musk entered the CFPB building, tweeted Musk” CFPB RIP “and a Tombstone -Eemoji.
Although Democrat have members of the congress protest The rapid closure of desk functions, the financing structure of the CFPB is not covered by their domain. While the CFPB’s budget Before 2025, $ 823 million, it has returned $ 20.7 billion in consumers since it was founded in 2011 in the aftermath of the financial crisis.
More about this subject:
A timeline of what happens at the CFPB under Trump
Updated list of all Trump promotions that influence housing
