The acting director of the CFPB has cut off the agency's funding sources and suspended some oversight

ChainCatcher News, the newly appointed acting director of the Consumer Financial Protection Bureau (CFPB) by President Trump, Russell Vought, has stated that he has cut off new funding sources for the agency and has reportedly asked staff to suspend all activities.

Vought stated in a post on X on February 9: "I have informed the Federal Reserve that the CFPB will not draw down the next tranche of unallocated funds, as this is 'not reasonably necessary' for fulfilling its duties. Given the current fiscal environment, the agency's current balance of $711.6 million is actually excessive."

It is understood that the agency was established to regulate financial companies such as banks and remittance companies, preventing them from engaging in abusive and predatory practices. It also accepts complaints against U.S. cryptocurrency exchanges.