Suspension of Operations Ordered by CFPB's Acting Director

Russell Vought, acting director of the Consumer Financial Protection Bureau (CFPB), has announced that he will suspend most of its operations. In a memo obtained by Scripps News, Vought stated that he had been made the acting director and would halt nearly all agency work, including investigations, enforcement, and rule making.

The CFPB is an independent government agency responsible for setting rules and oversight to protect consumers when working with banks, debt collectors, and other financial firms. It sets rules for credit cards, mortgages, and student loans to ensure fairness.

In the memo, Vought put a halt to most of the agency's work and suspended agency contracting and litigation. He also directed the agency to cease communication with the public, consistent with direction from President Donald Trump.

Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not "reasonably necessary" to carry out its duties. The Bureau's current balance of $711.6 million is in fact…

— Russ Vought (@russvought) February 9, 2025

Vought stated that he is committed to implementing the President's policies, consistent with the law, and acting as a faithful steward of the Bureau's resources.

This move has been met with controversy, as Republicans have repeatedly sought to curb the CFPB's responsibilities and powers. Vought's confirmation as head of the White House Office of Management and Budget was also seen as a major blow to the agency's autonomy.