Russell Vought, CFPB's new acting head, issues directives to halt portions of bureau activity

SUMMARY

Russell Vought, newly appointed acting head of the Consumer Financial Protection Bureau (CFPB), issued sweeping directives on Saturday night, effectively halting many of the bureau's operations. In an email to employees, Vought ordered a cease in supervision, examination, stakeholder engagement, and enforcement activities, along with a suspension of pending investigations and the approval of any new rules. He also announced that the CFPB would not be drawing additional funding from the Federal Reserve, claiming the bureau's current balance of $711.6 million was excessive. Vought stated, “The Bureau’s current balance of $711.6 million is in fact excessive in the current fiscal environment…this spigot, long contributing to CFPB’s unaccountability, is now being turned off.” The move follows ongoing efforts by Trump and his allies to diminish the CFPB's power, including Musk's DOGE, which has targeted various agencies like USAID and the CFPB in an effort to reduce government size.