Russell Vought, the newly named acting director of the Consumer Financial Protection Bureau (CFPB), is shutting down most of the bureau’s functions and has cut off its funding from the Federal Reserve.

In a letter to bureau staff on Saturday night, Vought directed them to:

1. Stop all supervision activity that has not been approved by the acting director.
2. Stop approving or issuing any proposed or final rules or formal or informal guidance.
3. Suspend the effective dates of all final rules that have been issued or published but have not gone into effect.
4. Stop investigative activities related to enforcement details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com