Funding Cut Off For Obama Created CFPB After DOGE Entered Its Headquarters

Funding for the Consumer Financial Protection Bureau was cut off just two days after DOGE entered its headquarters on Friday.

The Office of Management and Budget (OMB) Director Russell Vought, who is also the acting head of the CFPB, stopped the flow of all new funding to the agency.

Vought was chosen to take over from Treasury Secretary Scott Bessent as interim head, who had temporarily led the agency after President Donald Trump fired its previous director, Rohit Chopra.
Vought saying,
“Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not “reasonably necessary” to carry out its duties”
“The Bureau’s current balance of $711.6 million is in fact excessive in the current fiscal environment.”
“This spigot, long contributing to CFPB’s unaccountability, is now being turned off.”

CFPB was originally proposed in 2007 by Elizabeth Warren then adopted by Barack Obama.