Newly confirmed OMB Director Russell Vought, in his acting role as CFPB Director, has suspended nearly all operations at the Consumer Financial Protection Bureau, including investigations, enforcement, and rule making. Vought cited President Donald Trump's direction and stated his commitment to implementing the President's policies. The suspension comes as Republicans have long sought to limit the CFPB's power and funding.
In a memo obtained by Scripps News, newly confirmed OMB Director Russell Vought announced he has been made the acting director of the Consumer Financial Protection Bureau and will suspend most of its operations.The CFPB is an independent government agency responsible for rules and oversight that protect the public when working with banks, debt collectors and other financial firms. It sets rules for credit cards, mortgages and student loans to ensure consumers are treated fairly.
'I am committed to implementing the President's policies, consistent with the law, and acting as a faithful steward of the Bureau's resources,' Vought wrote in the memo.Vought later posted on social media that the CFPB would not receive its next round of federal funding because it was 'not 'reasonably necessary' to carry out its duties.
CFPB Government Shutdown Russell Vought Consumer Protection White House
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