Russell Vought Orders Pause On All CFPB Activity, Critics Say This Gives Corporations 'The Green Light To Scam Families'

In a move that has left consumer advocates reeling, newly installed acting director of the Consumer Financial Protection Bureau (CFPB), Russell Vought, has ordered a pause on all agency activities. This decision, which includes halting investigations, rulemaking, litigation, and public communications, has raised concerns that corporations may now have free rein to engage in predatory practices, leaving families vulnerable to financial scams.

The CFPB, established in the wake of the 2008 financial crisis, has been a watchdog for consumers, protecting them from unfair, deceptive, or abusive practices by financial institutions and businesses. Under the Biden administration, the agency had been actively working to curb junk fees, predatory lending, and other harmful practices. However, with the Trump administration's order to halt all activities, these efforts have been put on hold, potentially leaving consumers exposed to exploitation.