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Russ Vought, the new acting director of the Consumer Financial Protection Bureau (CFPB), has informed the Federal Reserve it will not be requesting funds to finance its operations for Fiscal Year 2025 while informing the agency’s workforce that its headquarters will be closed this week.

“Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not “reasonably necessary” to carry out its duties,” Vought announced via X on Saturday night. “The Bureau’s current balance of $711.6 million is in fact excessive in the current fiscal environment. This spigot, long contributing to CFPB’s unaccountability, is now being turned off.”

On Sunday, Adam Martinez, the CFPB’s chief operating officer, informed the agency’s staff that Vought ordered the closure of the bureau’s headquarters in Washington, DC, from Feb. 10 to 14.

“Employees and contractors are to work remotely unless instructed otherwise from our Acting Director or his designee,” Martinez said an email that was first reported by the Wall Street Journal.

Vought’s new leadership of the CFPB brought praise from the Republican majority on the US Senate Committee for Banking, Housing and Urban Affairs, which wrote on X: “Accountability at the CFPB is long overdue. From Chopra’s regulation by blog post to repeatedly ignoring the Chairman’s calls to stop rule makings after the election. Acting Dir. Vought will bring responsibility back to the CFPB & refocus its mission to serve the American people.”

Not surprising, a different opinion was held by Sen. Elizabeth Warren (D-MA), the ranking member of the Banking Committee and the architect of the CFPB.

“President Trump campaigned on lowering costs,” said Warren in a video posted to X this morning. “But he’s letting billionaire Elon Musk and Project 2025 Architect Russ Vought kill the Consumer Financial Protection Bureau. If they succeed, CEOs on Wall Street will once again be free to cheat you out of your savings.”

Warren added, “Congress created the Consumer Financial Protection Bureau, and no one — not the President, not Musk, not Vought – can illegally shut down its work. There is power in fighting back, and we will not let up in Congress, in the courts, or in public until we win this fight.”