Two top officials of the bureau resigned after being ordered to stop work
The Directors of Supervision and Enforcement at the Consumer Financial Protection Bureau (CFPB) resigned on Tuesday due to stop work orders issued by the Acting Director Russell Vought. The agency has repaid $19 billion of debts to consumers who weren’t really their consumers by December 2024. “I don’t think I can serve my role effectively,” said CFPB’s Supervision Director.
The consumer watchdog in the US has a plan
The US Consumer Financial Protection Bureau (CFPB) proposed a rule to allow regulators to police data brokers under the Fair Credit Reporting Act (FCRA), a privacy law enacted more than a half century ago. Data brokers would not be allowed to sell sensitive personal data including financial data and credit scores, phone numbers, Social Security numbers, and addresses.