Russell Vought, the current Office of Management and Budget director, has assumed the role of acting director at the Consumer Financial Protection Bureau (CFPB). In a series of immediate directives, Vought has outlined significant operational shifts within the Bureau.
According to communications obtained by RealClearPolitics, Vought has instructed CFPB staff to halt the issuance of new rules and guidance, suspend the implementation of finalized but not-yet-effective regulations, and freeze all new and ongoing investigations. Furthermore, he has directed a cessation of all public communications, including research publications.
Vought's directives also encompass a freeze on new agreements, including those pertaining to employees and contractors. The CFPB has been instructed to refrain from initiating or participating in legal proceedings except to request procedural pauses. Supervisory and examination activities, along with stakeholder engagement, have also been suspended.
In a separate move, Vought has communicated to the Federal Reserve that the CFPB will not be drawing its allocated funding for the third quarter of fiscal year 2025. He asserted that the Bureau's current funds are ample and that this decision aims to address what he perceives as the CFPB's lack of accountability. This action follows Vought's recent Senate confirmation to lead the Office of Management and Budget.
Fox News Digital has contacted the CFPB for comment.
