Vought Expands CFPB Work Freeze, Cancels Next Fed Funding Draw

Consumer Financial Protection Bureau acting Director Russell Vought expanded a pause on the agency’s operations to include its examinations of internal records at big banks, fintechs, and other companies and its enforcement investigations.

Vought, confirmed Feb. 6 as director of the Office of Management and Budget, also put a hold on any “stakeholder engagement” that CFPB officials planned to undertake with outside groups, according to a Saturday all-staff email obtained by Bloomberg Law.

The order effectively stops all of the CFPB’s work. Vought also announced Saturday he was canceling the agency’s next funding request from the Federal Reserve.

Vought was ...