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ARTICLE · 19 JULY 2026

Vought Tells Congress CFPB Needs Major Changes, Even Abolishment

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Acting CFPB Director Russell Vought testified before Congress that while the Trump Administration has improved the agency's operations, he believes the Bureau should be abolished in its current form. Vought endorsed comprehensive reforms including bringing the CFPB under the appropriations process and codifying enforcement standards, while defending his efforts to reverse what he characterized as the Biden Administration's over-regulation.

United StatesGovernment, Public Sector
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During recent Congressional Hearings Acting CFPB Director Russell Vought, testifying for the first time in that capacity, stated that the Trump Administration has succeeded in improving the structure and operation of the CFPB, but more work needs to be done.

In fact, in testimony before the Senate Committee on Banking, Housing, and Urban Affairs he said he would prefer that the agency be abolished.

“Though we have improved a great deal about how it operates, the Bureau remains structurally defective, and I do not believe it should exist in its current form,” Vought told the House Financial Services Committee. “I have been committed to running it in a responsible manner and addressing real harms instead of remaking financial markets in service of a radical political agenda.”

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