Acting CFPB Director Russell Vought Shifts Agency to Deregulation, Collaborative Approach with Financial Companies
Russell Vought, the acting director of the Consumer Financial Protection Bureau (CFPB) under the Trump administration, has refashioned the agency's approach to overseeing financial companies. Testifying before Congress in mid-July, Vought stated that the 'new' CFPB would prioritize deregulation, embrace 'humility,' and adopt a 'collaborative approach' when dealing with companies accused of exploiting Americans. This marks a significant departure from the agency's original mandate, established after the 2008 economic crash, which aimed for a more aggressive stance against financial misconduct. Vought, a top adviser to President Trump, had previously attempted to dismantle the bureau through mass layoffs, funding cuts, and ending its headquarters lease, though these efforts were blocked by federal courts. His current strategy involves a less adversarial role, focusing on working with companies rather than pursuing them with traditional supervisory or enforcement actions. This shift was highlighted in the CFP... 
