Overview
- The White House submitted Stuart Levenbach, an OMB associate director with a science and natural resources portfolio, to replace Rohit Chopra for a five-year term, and the Senate Banking Committee has received the nomination.
- Under the Federal Vacancies Reform Act, the nomination extends the 210-day limit on acting service, allowing Russell Vought to continue leading the bureau with roughly three weeks left on his original clock.
- The administration has argued in court that the CFPB’s Federal Reserve-based funding is unlawful, and a recent DOJ legal opinion says the bureau cannot request new funds, raising uncertainty about operations after Dec. 31.
- Under Vought, the CFPB has suspended much of its work and pursued a plan to lay off about 90% of staff, a reduction now tied up in litigation following an injunction and a subsequent appeals ruling.
- Reaction is sharply divided, with Sen. Elizabeth Warren calling the move a tactic to keep Vought in place to close the agency, while the Consumer Bankers Association welcomed the chance for data-driven, pro-growth policy engagement.