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New acting director tells Consumer Financial Protection Bureau to suspend most operations

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The Consumer Financial Protection Bureau and will suspend most of its operations, according to a memo from its new acting director Russell Vought.

The article from News 5 Cleveland discusses the transition at the Consumer Financial Protection Bureau (CFPB) where Mick Mulvaney, the new acting director appointed by President Trump, has instructed the agency to suspend most of its operations. This includes a freeze on new regulations, enforcement actions, and hiring, as well as a halt on any new requests for information from companies. Mulvaney, who previously criticized the CFPB, has also asked for a review of all ongoing investigations and legal actions, suggesting a significant shift in the bureau's approach to consumer financial protection. This move has sparked concerns among consumer advocates about the potential weakening of consumer protections, while supporters of the changes argue it aligns with reducing regulatory burdens on businesses.

Read the Full Cleveland Article at:
[ https://www.news5cleveland.com/politics/president-trumps-first-100-days/new-acting-director-tells-consumer-financial-protection-bureau-to-suspend-most-operations ]