Details
Written by: RJ
The Consumer Financial Protection Bureau (CFPB) has been ordered to shut down.
Russell Vought, the new director of the Office of Management and Budget, directed the CFPB, in a Saturday night email confirmed by The Associated Press, to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations.
The email also said to cease all supervision and examination activity
Vought said in a social media post that the CFPB would not withdraw its next round of funding from the Federal Reserve, adding that its current reserves of $711.6 million is “excessive.” Congress directed the bureau to be funded by the Fed to insulate it from political pressures.
Thoughts
Tough spot, as this doesn’t leave many avenues to go when things go wrong with a bank. Similarly, working in banking myself, I know people who are thrilled about this move.
Advertiser Disclosure: Some of the card links and products that appear on this website are from companies which RJ Financial/Profitable Content may receive compensation when you click on links to those products.Terms apply to the offers listed on this page. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. See our Advertising Policy here.
Editorial Note:
Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.