Russell Vought, the acting director of the Consumer Financial Protection Bureau, ordered staffers at the agency to stop all work in an email Saturday night.
“I am committed to implementing the President’s policies, consistent with the law, and acting as a faithful steward of the Bureau’s resources,” Vought wrote in the email reviewed by USA TODAY. “Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall … cease all supervision and examination activity.”
Employees were also directed not to start or continue investigations, to stop existing investigations, not to approve or issue any proposed rules or guidance and not to issue any public communications.
The directive comes after Vought, who was confirmed to lead the Office of Management and Budget this week, wrote on X on Saturday that he cut off new funding to the agency responsible for protecting American consumers.
The agency “will not be taking its next draw of unappropriated funding because it is not ‘reasonably necessary’ to carry out its duties,” Vought wrote.
The agency’s current funding of $711.6 million is “excessive,” he said. “This spigot, long contributing to CFPB’s unaccountability, is now being turned off.”
The new administration had been broadcasting the decision before Vought’s letter Saturday: Elon Musk, the tech billionaire leading Trump’s effort to pare down the size of the federal government, wrote on X on Friday, “CFPB RIP.”
Spokespeople for the Office of Management and Budget and for CFPB did not immediately respond to requests for comment Sunday.