New Acting CFPB Chief Halts Investigations and Enforcements, Forgoes Some Federal Funding | Global News Avenue

this Consumer Financial Protection Bureau (CFPB)a consumer watchdog has begun to lose some power and funds under the Trump administration.

Last week, Russell Vought, director of the Office of Management and Budget, took over as interim head of the CFPB and sent about a dozen instructions to the agency’s employees via email on Saturday. NBC News Report.

What can’t CFPB do now?

In recent years, CFPB has broken Overdraft fee Accuse and help by the bank Eliminate medical debt From the credit report.

Vought’s order states that the CFPB should “stop all supervision and examination activities”, “stop participation of all stakeholders” and suspend investigations and “executive measures”, according to a copy of the email obtained NBC News.

In an X post late Saturday, Vought also gave up some federal funds the agency will collect, noting that it already has too much money.

“I have informed the Fed that the CFPB will not take its next expropriation of funds that are not included in the funds, because it is not “reasonable” to perform its duties. In the current fiscal environment, the agency’s current balance of $711.6 million is actually too high . Vought wrote: “This unconnected plug that has long led to CFPB is being turned off. ”

The CFPB has been opposed by Republicans since its creation and its work in 2010, with Trump allies such as major Elon Musk calling for “deletion” of the institution. Musk laughed at the possibility of CFPB changing CFPB in an article X on Friday, which read “CFPB RIP”.

Watchdogs have Stumbled into speeding Rules were issued and enforcement actions were announced in the last few days of the Biden administration. But it was short-lived, as Trump replaced CFPB chief Rohit Chopra earlier this month.