Russell Vought says he will shut down CFPB

"Speaking on The Charlie Kirk Show, Vought said that only a small number of employees remain at the agency's Washington headquarters while we close down the agency. He added, We want to put it out and we will be successful probably within the next two or three months, Reuters first reported."

"The CFPB has been in the crosshairs of the Trump administration since he took office, but legal challenges some of which are still being decided have kept the agency open. In February, Vought shut down most of the CFPB's functions, closed its headquarters and said he was defunding the bureau. However, in response to a lawsuit filed by the union representing CFPB workers, DOJ lawyers denied that President Trump was going to actually close the bureau."

"The CFPB was established in 2011 under the Dodd-Frank Wall Street Reform and Consumer Protection Act to combat predatory lending and abusive practices in consumer finance. The agency has imposed more than $5 billion in civil penalties on companies and individuals under consumer protection laws including going after junk fees by servicers. The bureau was an active regulator of mortgage lending and servicing during the administrations of Democratic presidents but took a more passive role in Trump's first administration."

Only a small number of employees remain at the CFPB's Washington headquarters as the agency is being closed, with closure expected within two to three months. The CFPB has faced sustained actions from the Trump administration since taking office, while legal challenges have kept the agency operational. In February most functions were shut down, the headquarters closed, and funding was declared defunded, prompting union litigation and DOJ responses. In April 90% of staff were fired and the firings were temporarily halted; an August appeals court ruling allowed many firings to proceed, resulting in roughly 1,500 layoffs. The CFPB was created under Dodd-Frank in 2011 to combat predatory lending, has imposed over $5 billion in penalties, and enforcement activity has varied across administrations.

Read at www.housingwire.com