New Leadership at CFPB: Russell Vought Assumes Role of Acting Head

Russell Vought ⁣has stepped into the role of interim director of the Consumer Financial Protection Bureau (CFPB), established in response to the 2008 financial crisis, with a mandate ⁣to oversee and regulate financial institutions.

On Saturday, Vought, appointed by former President Donald Trump, made significant shifts by halting the agency’s budget allocations. Reports from Reuters and NBC News suggest he has urged staff members to pause all operations, including monitoring activities related to financial companies under‌ CFPB’s jurisdiction.

A memo circulated among employees indicated that Vought officially assumed⁢ leadership responsibilities for⁢ this ‌autonomous oversight body. The CFPB was created in ⁤2011 as a branch of the Federal Reserve⁣ with a clear objective: to ensure equitable treatment within the finance industry.