CFPB to close, Vought says
White House budget director Russell Vought announced Wednesday that he intends to shut down the U.S. Consumer Financial Protection Bureau (CFPB), a position that appears to contradict the Trump administration’s arguments in ongoing court proceedings, according to Courthouse News.
Vought made the statement during an appearance on “The Charlie Kirk Show,” where he said that only a few employees remain at the CFPB’s Washington headquarters “while we close down the agency.” He added, “So we want to put it out and we will be successful probably within the next two or three months.”
His comments come as the administration faces multiple legal challenges over efforts to curtail or dismantle the CFPB, an agency established by Congress after the 2008 financial crisis to protect consumers from predatory lending and other abusive financial practices. Per Courthouse News, the administration is currently entangled in litigation involving a CFPB labor union and consumer advocacy groups, which argue that President Donald Trump lacks the authority to fire most of the bureau’s staff or dissolve the agency entirely.