02/09/2025

Administration Official Orders Consumer Protection Agency to Stop Work

Russell Vought has ordered the Consumer Financial Protection Bureau to cease operations

The Trump administration has ordered the Consumer Financial Protection Bureau (CFPB) to stop nearly all its work, effectively shutting down an agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal.

Russell Vought, the newly installed director of the Office of Management and Budget (OMB), directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama pushed to include it in the 2010 financial reform legislation that followed the 2007-2008 financial crisis.

The email also ordered the bureau to “cease all supervision and examination activity."

Please select this link to read the complete article from The Associated Press.