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Action: Acting CFPB Director Orders Employees to Stop Work, Including Supervision and Examination Activity What it does: On February 8, Russell Vought, Director of the Office of Management and Budget and Acting Director of the Consumer Financial Protection Bureau (CFPB), ordered CFPB’s employees to stop nearly all work, closed the agency’s headquarters, and took steps to block the agency’s funding. Congress established the CFPB in 2010 in response to the 2007-2008 financial crisis; it has responsibility for enforcing a variety of consumer protection laws for depository institutions with more than $10 billion. It also has supervisory authority over certain other financial service providers, including mortgage originators and services, payday lenders, and private student loan lenders regardless of size and other “larger participants” in financial services as defined by CFPB regulations.Key Insights
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