Acting Consumer Financial Protection Bureau Director Russ Vought has frozen all new funding to that agency. In a memo to Federal Reserve Chairman Jerome Powell, Vought, who was just confirmed as Office of Management and Budget Director, said, “This letter is to inform you that in the Third Quarter of Fiscal Year 2025, the Bureau is requesting $0.”
Earlier, Vought had announced that he’d discovered the CFPB was sitting on a $711.6 million “reserve fund.”
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
Why CFPB thought it needed a “reserve fund” of nearly $1 billion is an open…
