Reuters is reporting that White House budget director Russell Vought said he plans to close the Consumer Financial Protection Bureau(CFPB). According to the report, Vought said the agency has persecuted small businesses but failed to protect consumers:
“All they want to do is weaponize the tools of financial laws against basically small mom-and-pop lenders and other small financial institutions,” he said.
Very few people currently work at the CFPB’s Washington headquarters “while we close down the agency,” Vought said. “So we want to put it out and we will be successful probably within the next two or three months.”
In addition, Reuters made sure to point out that the Trump administration has argued in court that there is no such plan. Minds can indeed change… stay tuned!!!
