Russell Vought speaks during a Senate Budget Committee hearing on his nomination, on Capitol Hill in Washington, Wednesday, Jan. 22, 2025. (Jacquelyn Martin/AP)
The directives include not approving or issuing any proposed or final rules or formal or informal guidance and for the bureau to suspend the effective dates of all final rules that have been issued or published but have not gone into effect.
Vought also ordered the bureau not to "commence, take investigative activities related to, or settle enforcement actions." CFPB must not open any new investigation in any manner and must cease any pending probes, he said.
The acting director said the CFPB shall not issue public communications of any type, including research papers.
Russell Vought testifies during the Senate Banking Committee nomination hearing in the Dirksen Senate Building on January 22, 2025, in Washington, D.C. (Kayla Bartkowski/Getty Images)
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"Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not 'reasonably necessary' to carry out its duties," Vought wrote on X. "The Bureau's current balance of $711.6 billion is in fact excessive in the current fiscal environment. This spigot, long contributing to CFPB's unaccountability, is now being turned off."
This comes after Vought was confirmed by the Senate on Thursday to lead the Office of Management and Budget.
Fox News Digital has reached out to CFPB for further comment.
https://www.foxnews.com/politics/russ-vought-tapped-cfpbs-acting-director-directs-bureau-issue-no-new-rules-stop-new-investigations