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CFPB Temporarily Halts Operations Amid Funding Issues
(MENAFN) The Consumer Financial Protection Bureau (CFPB), the agency responsible for protecting U.S. consumers' financial interests, has come to a halt as of Saturday night, according to an internal email obtained by ABC News.
The email, sent late Saturday evening, instructed all CFPB staff to "cease all supervision and examination activity" and "cease all stakeholder engagement" immediately. Additionally, the agency's website displayed an error message, and its X account was also deactivated.
The email was sent by Russell Vought, the newly confirmed director of the Office of Management and Budget, who is also now serving as the acting director of the CFPB. Vought is known for his involvement in "Project 2025."
In a post on X, Vought explained that the CFPB's funding, which is provided through the Federal Reserve, has now been "turned off."
The email further stated that, unless authorized by Vought or required by law, CFPB employees, contractors, and other personnel are prohibited from issuing proposed or final rules, launching new investigations, or making any public statements.
The email, sent late Saturday evening, instructed all CFPB staff to "cease all supervision and examination activity" and "cease all stakeholder engagement" immediately. Additionally, the agency's website displayed an error message, and its X account was also deactivated.
The email was sent by Russell Vought, the newly confirmed director of the Office of Management and Budget, who is also now serving as the acting director of the CFPB. Vought is known for his involvement in "Project 2025."
In a post on X, Vought explained that the CFPB's funding, which is provided through the Federal Reserve, has now been "turned off."
The email further stated that, unless authorized by Vought or required by law, CFPB employees, contractors, and other personnel are prohibited from issuing proposed or final rules, launching new investigations, or making any public statements.
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