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The Coin Rise 2025-02-10 09:50:41

Trump-Appointed CFPB Head Halts Operations, Cuts Off New Funding

Trump-Appointed CFPB Head Halts Operations, Cuts Off New Funding

Russell Vought, recently appointed by U.S. President Donald Trump to lead the Consumer Financial Protection Bureau (CFPB), has taken sweeping measures to halt the agency’s operations. In a February 9 X post , Vought announced the suspension of funding from the Federal Reserve and directed CFPB staff to cease all activities, including investigations, rule-making, and public comments. Funding Halt and Operational Shutdown Vought stated that the CFPB’s current balance of $711.6 million was “excessive in the current fiscal environment,” justifying the decision to reject further funding from the Federal Reserve. “The Bureau’s current balance is more than enough to cover its duties,” he said, labeling the move necessary for budgetary restraint. Established in response to the 2008 financial crisis, the CFPB was designed to protect consumers from abusive practices by financial institutions, including banks and money transfer firms. The agency also handles complaints about U.S.-based cryptocurrency exchanges. However, Vought’s internal memo instructed CFPB staff to halt all supervision, examination, and investigation activities. Politico reported that staff were told to suspend issuing new rules and guidance while working remotely due to the office’s temporary closure. Controversy and Industry Response The CFPB has faced criticism from the crypto industry and financial oversight advocates alike. In 2023, the agency proposed supervising crypto wallet providers, but it withdrew the idea following industry pressure. Despite this, tech trade groups sued the CFPB last month, alleging the agency had overstepped its legal authority. Vought, who also serves as Director of the White House Office of Management and Budget, played a key role in Project 2025—a conservative initiative aimed at restructuring the U.S. government to give the president greater control. His appointment to the CFPB on February 7 replaced Treasury Secretary Scott Bessent . Dennis Kelleher, co-founder of financial advocacy group Better Markets, condemned the move, accusing Trump of endangering Americans by weakening financial protections. “This is throwing Trump’s own supporters to the financial wolves,” Kelleher said. “It’s a slap in the face to the multi-racial working-class coalition that helped elect him.” The CFPB’s unique funding mechanism, which bypasses congressional appropriations, has long been a target of criticism. Vought described turning off this funding “spigot” as a necessary step to increase accountability. The post Trump-Appointed CFPB Head Halts Operations, Cuts Off New Funding appeared first on TheCoinrise.com .

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