Overview

• Acting CFPB Director Russell Vought has halted most of the agency's operations, placed employees on administrative leave, and issued a stop-work order, citing plans for a streamlined bureau.
• The Trump administration's efforts to reduce the CFPB's influence include defunding, workforce reductions, and revisiting rules, with a federal judge temporarily blocking further layoffs.
• Critics, including Senator Elizabeth Warren, argue that the CFPB's dismantling exposes consumers to financial misconduct and benefits big tech and financial corporations.
• Pending lawsuits and finalized rules, such as those addressing credit card late fees and medical debt, are in limbo as the CFPB's enforcement activities are paused.
• The Senate Banking Committee is set to hold a confirmation hearing for Jonathan McKernan, a pro-business nominee for CFPB director, raising questions about the agency's future trajectory.