What Is Happening With The CFPB?

We have been waiting to see how things are shaking out for the now-beleaguered Consumer Financial Protection Bureau ("CFPB"). A month out from Trump's inauguration, we are still in a position of wondering if there will be a future for the agency in this administration.

Formally dismantling the CFPB would require Congress to act, of course, but the new administration has already taken extreme steps to defund the agency and reduce its workforce. After initially appointing the Secretary of Treasury, Scott Bessent, as of January 31st as the Acting Director of the CFPB, Trump eventually appointed Russell Vought, the Director of the Office of Management and Budget, as the Acting Director, which was approved by the Senate on Friday, February 7th. In line for the permanent Director position is Jonathan McKernan, a former member of the Board of Directors of the Federal Deposit Insurance Corporation ("FDIC"), whom Trump appointed on February 11th. The Senate has yet to vote