The Consumer Financial Protection Bureau's (CFPB) recent rules on overdraft and credit card late fees are in jeopardy, while others face an uncertain future. Acting director Russell Vought has instructed staff to halt most work activities, citing the need for a re-evaluation of the agency's priorities. This comes amidst a broader push by Republican lawmakers and industry groups to curtail the CFPB's power. The agency's future remains unclear as it grapples with these challenges.
The Consumer Financial Protection Bureau’s recent rules on overdraft and credit card late fees are in jeopardy, while others face an uncertain future.One CFPB staffer said Monday that every meeting and work item on their calendar, including reviewing investigative actions, had been deleted.said the employee, who asked to speak anonymously out of fear of reprisal.
Protesters rallied against the shutdown of the Consumer Financial Protection Bureau. News4's Paul Wagner reports.Congress granted the CFPB the power to supervise banks with more than $10 billion in assets and to regulate lending by nonbank entities, including mortgage, auto, payday and private student loan issuers. In addition to writing and enforcing rules for making consumer financial products fair and efficient, the agency also solicits, tracks and publishes consumer complaints.
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CFPB Rules in Jeopardy as Acting Director Suspends Most Work ActivitiesThe Consumer Financial Protection Bureau (CFPB) is facing uncertainty as its acting director, Russell Vought, has halted most work activities, jeopardizing recent rules on overdraft and credit card late fees. The agency's website experienced technical issues, and staff have been instructed not to report to the office. This move comes amid efforts by Republican lawmakers and industry critics to weaken the CFPB's oversight. The agency, established after the 2008 financial crisis to protect consumers, has been a target of conservative groups since its inception. Its recent rulemaking on overdraft fees and credit card late fees have faced significant pushback.
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Musk's DOGE Launches Review of CFPB, Agency Website Goes DownElon Musk's Department of Government Efficiency (DOGE) has initiated a comprehensive review of the Consumer Financial Protection Bureau (CFPB), leading to the agency's website becoming inaccessible. DOGE representatives have gained access to CFPB's internal systems, including personnel and financial records. This move comes after Musk posted 'RIP CFPB' on X, his social media platform, and President Trump appointed Russell Vought as acting head of the CFPB. The review's objective is reportedly to uncover corruption within the agency, as DOGE believes the CFPB lacks Congressional oversight due to its connection with the Federal Reserve.
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CFPB Acting Director Pauses New Rules, Investigations, and SpendingRussell Vought, acting director of the Consumer Financial Protection Bureau (CFPB), has issued directives suspending new rules, investigations, and spending. Vought, also the director of the Office of Management and Budget, stated his commitment to implementing President Trump's policies. The directives include halting rulemaking, suspending effective dates of final rules, ceasing investigations, and refraining from public communications.
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