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CFPB's 1,700 employees told to "not perform any work"
Russ Vought, the acting director of CFPB, told employees to ‘stand down from performing any work task.’
CFPB’s unusual appropriations structure — pulling funds from the Federal Reserve rather than from Congress — is a “double-edged sword,” added Mulvaney, who also served as one of Trump’s first-term White House chiefs of staff. Supporters highlight its work to penalize large companies, including banks, for allegedly mistreating clients — with the bureau claiming in 2023 that it had restored$17.5 billion to Americans over the previous 12 years “in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief.” Democratic Sen. Chris Van Hollen of Maryland defended CFPB, writing: “This is the richest man on earth bragging about destroying an agency that’s returned BILLIONS of dollars to working Americans who were cheated by big corporations.
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