Senate Democrats question Vought on comments about closing CFPB in months
By 
Adrianne Appel2025-10-28T21:11:00
Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision.
“These comments are particularly concerning given that a federal court has specifically blocked you from illegally shutting down,” Sen. Elizabeth Warren (D-Mass.), ranking member on the Senate Committee on Banking, Housing, and Urban Affairs, and the 10 other committee Democrats, said in a letter to Vought.
The senators asked Vought to provide details about any funds available for the CFPB by Oct. 31. They also asked whether the agency had specific plans to cut positions and reduce enforcement actions over the next two to three months.
Related articles
-
News BriefCFPB proposes changes to equal credit opportunity act rules
The U.S. Consumer Financial Protection Bureau (CFPB) proposed a rule change that would narrow anti-discrimination requirements for the financial industry. This comes as the Trump administration attempts to shutter the agency may finally come to pass.
-
News BriefCFPB ends probe into Meta’s financial advertising practices
Meta says it is no longer under investigation by the U.S. Consumer Financial Protection Bureau (CFPB), the latest instance of the agency scaling back enforcement under President Donald Trump.
-
News BriefCFPB scraps bad-actor registry, citing cost-benefit issues
The Consumer Financial Protection Bureau shut down a registry of non-bank financial firms that broke consumer laws. The agency cites the costs being ”not justified by the speculative and unquantified benefits to consumers.”
More from Regulatory Enforcement
-
News BriefCompliance concerns surface at Fannie Mae following internal probe
A probe into Fannie Mae uncovered compliance and governance concerns involving FHFA director Bill Pulte and other senior officials. The result, so far at least, was not to address the concerns uncovered but to fire staff in Fannie Mae’s ethics and internal investigations unit.
-
ArticleDOJ dismisses indictment against Cassava advisor amid legal flaws
The DOJ dropped a June 2024 indictment against a Cassava Sciences advisor, closing a case tied to an alleged short-selling scheme and related government probes. The case was criticized for fundamental flaws in evidence and legal procedures.
-
ArticleFormer Capula CCO alleges misconduct and retaliation at the hedge fund firm
The former U.S. chief compliance officer of hedge fund firm Capula Investment Management has blown the whistle against his former employer, alleging he was terminated for raising concerns about improper expensing practices.