As Adam posted yesterday, OMB Director Russell Vought has been named Acting Mulvaney CFPB Director. We can get a clue as to Vought’s views of the CFPB from Project 2025, of which Vought is said to have been an architect, Here is an excerpt, written before the Supreme Court upheld the CFPB’s constitutionality in CFSA:
Congress should abolish the CFPB and reverse Dodd–Frank Section 1061, thus returning the consumer protection function of the CFPB to banking regulators and the Federal Trade Commission. Provided the Supreme Court affirms the Fifth Circuit holding in Community Financial Services Association of America, the next conservative President should order the immediate dissolution of the agency—pull down its prior rules, regulations and guidance, return its staff to their prior agencies and its building to the General Services Administration.
Until this can be accomplished, however, Congress should
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Require that no CFPB funds are spent on enforcement actions that are not based on a rulemaking that complies with the Administrative Procedure Act.
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I wonder if Musk’s RIP CFPB tweet has something to do with the decision to put Vought in charge of the CFPB. No matter what Vought wants to do at the CFPB, however, existing law limits his ability to do it, unless Congress acts.
