Russell Vought, the newly appointed acting head of the CFPB, announced drastic cuts to the agency's budget and froze its supervisory activities, impacting oversight of consumer financial firms. He declared on social media that the agency's existing funds, exceeding $700 million, were sufficient for operations. This decision follows a recent directive from the treasury secretary and raises alarms among agency staff and Democratic lawmakers about the potential return of predatory practices in the financial sector, diminishing protections established in the wake of the 2008 financial crisis.
Vought's abrupt move to halt the CFPB's budget and supervision activities marks a significant departure from consumer financial protections established after the 2008 crisis.
By zeroing out CFPB's funding, Russell Vought effectively dismantles oversight of consumer financial companies, raising concerns about unchecked predatory financial practices.
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