Russell Vought, the newly appointed head of the Consumer Financial Protection Bureau (CFPB) by President Donald Trump, has reportedly cut off the agency from new funding and told staff to suspend all activities. 😱
“I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not ‘reasonably necessary’ to carry out its duties,” Vought said in a Feb. 9 X post.
The CFPB, set up to regulate financial companies such as banks and money transfer firms, has been a target of the crypto industry. In 2023, it proposed supervising crypto wallet providers but was later pressured into dropping the idea when it finalized the rule late last year. Still, tech trade groups sued the CFPB last month, alleging the rule was an “unlawful power grab.”
Reuters reported on Feb. 9 that Vought also sent a memo to CFPB staff to “cease all supervision and examination activity.” Politico reported the email told staff to stop all investigations, not to open any new ones, and to stop issuing rules, guidance and any public comments.
Staff were also reportedly told that the CFPB’s office would be closed this week and that they would have to work from home. 🏠
The CFPB is financed through budget requests to the Fed, as compared to the typical appropriations process that happens through Congress with other agencies.
Dennis Kelleher, the co-founder of financial oversight advocacy group Better Markets, said in a Feb. 9 statement that Trump was throwing his own supporters “to the financial wolves” by “trying to kill the CFPB.”
Well, it looks like the CFPB is in for a wild ride under Vought’s leadership. 🎢
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2025-02-10 06:47