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

Summary

New CFPB acting head Russell Vought issued directives halting most bureau activities, including supervision, enforcement, and public communications.

He also suspended pending rules and declined additional funding, calling the agency's $711.6 million balance “excessive.” Sen. Elizabeth Warren condemned the move as favoring big banks.

The CFPB, created in 2011 under the Dodd-Frank Act to protect consumers and hold corporations accountable, saw its website and social media accounts go offline after Musk’s “CFPB RIP” post.