RSSActing Consumer Financial Protection Bureau Russ Vought recently opened a tip line on X for banks and other businesses to report CFPB staff for undertaking regulatory or enforcement work despite being called to cease activity.
“Are you being pursued by CFPB enforcement or supervision staff, in violation of Acting Director Russ Vought’s stand down order?” the X account’s description states. “If so, DM us or send an email.” Vought ordered CFPB employees to stop working on Feb. 9. The CFPB homepage has added an error message.
The launch of the tipline comes as the future of the bureau remains in limbo. Trump administration officials have signaled their support for eliminating the bureau. According to the ABA Banking Journal, Vought directed the Federal Reserve not to allocate the CFPB’s next round of funding. However, President Donald Trump recently nominated Jonathan McKernan as its next director. Multiple lawsuits allege that the president does not have the authority to shutter the bureau without the approval of Congress.
Speaking during a recent webinar, Cornerstone Advisors CEO Steve Williams predicted the Trump administration will transfer the CFPB’s examination responsibilities to the Office of the Comptroller of the Currency while strictly limiting the CFPB’s focus to being a consumer watchdog.
