Russell Vought, CFPB Leader, Requests $145 Million for Agency He Wants to Eliminate
The New York Times••business
Key Points:
- Russell T. Vought, acting director of the Consumer Financial Protection Bureau (CFPB), requested $145 million from the Federal Reserve to fund the bureau's operations for the current quarter, complying with a federal judge's order.
- Despite his efforts to shut down the CFPB since early 2025, Vought is legally required to keep the agency operational due to court rulings following a lawsuit by the bureau’s staff union and other plaintiffs.
- Vought previously argued that the Federal Reserve could not fund the CFPB due to lack of "combined earnings," a claim rejected by Judge Amy Berman Jackson, who criticized his attempt to close the bureau.
- The CFPB is funded through transfers from the Federal Reserve, with the director submitting funding
