Additional Coverage:
- Russ Vought, tapped as CFPB’s acting director, directs bureau to issue no new rules, stop new investigations (foxnews.com)
Local Budget Director Takes Reins at Consumer Protection Agency, Halts All New Activity
Russell Vought, recently confirmed as director of the Office of Management and Budget, has been named acting director of the Consumer Financial Protection Bureau (CFPB). Vought immediately directed a sweeping halt to all new agency activity.
In an email to CFPB staff, Vought stated his commitment to implementing the President’s policies and managing the bureau’s resources. He ordered a freeze on new rules and investigations, and suspended the effective dates of any finalized rules not yet in effect.
Furthermore, Vought directed the CFPB to stop all public communications, including research, and cease any ongoing supervisory or examination activities. He also instructed the agency to halt all stakeholder engagement and not enter into any new agreements. Only actions expressly approved by him or required by law are exempt from the directive.
In a separate action, Vought informed the Federal Reserve that the CFPB would not be drawing its allocated funds for the third quarter of the fiscal year 2025. He cited the bureau’s current balance as “excessive” and stated this action would increase CFPB accountability.