The US Consumer Financial Protection Bureau's oversight extends to banks, title lenders, mortgage originators and cash transfer services, among others
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The agency, a lightning rod for conservatives and the industry since its 2010 creation by Congress, was hobbled by its acting chief Russell Vought, who ordered staff to cease all “supervision and examination activity” and said he would zero out the agency’s funding. Vought’s order leaves much of that business activity without federal government oversight, which was sharply criticized by some factions.
The NTEU filed a separate lawsuit to prevent members of Musk’s team from accessing personnel records, arguing that the information could be used to harass or intimidate them. Vought said he would zero out CFPB funding for the coming fiscal quarter, according to an announcement on Saturday. In addition, the agency’s Washington headquarters will be closed for the coming week, according to a Sunday internal email seen by Reuters.
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