Summary
New CFPB acting head Russell Vought issued directives halting most bureau activities, including supervision, enforcement, and public communications.
He also suspended pending rules and declined additional funding, calling the agency’s $711.6 million balance “excessive.” Sen. Elizabeth Warren condemned the move as favoring big banks.
The CFPB, created in 2011 under the Dodd-Frank Act to protect consumers and hold corporations accountable, saw its website and social media accounts go offline after Musk’s “CFPB RIP” post.
Hey everybody, remember when we let billionaire scammers crash the global economy, so then we made an organization to stop that from happening again?
We had a nice run.