Acting Consumer Financial Protection Bureau Russ Vought has frozen all new funding to that agency. In a memo to Federal Reserve Chairman Jerome Powell, Vought, who was just confirmed as Office of Management and Budget Director, said, "This letter is to inform you that in the Third Quarter of Fiscal Year 2025, the Bureau is requesting $0."

Earlier, Vought had announced that he'd discovered the CFPB was sitting on a $711.6 million "reserve fund." //

The beauty of this move is that when Elizabeth Warren set up the CFPB, she attempted to insulate it from influence or management by either the Executive or Legislative branches. Contrary to other agencies that are managed by a group of directors who the president can remove, the CFPB had a single director who could only be removed for cause. The Supreme Court struck down that arrangement in 2020. She also had the CFPB draw funds directly from the Federal Reserve, bypassing the appropriation process. In the best "it isn't a tax" tradition of John Roberts's jurisprudence, that funding arrangement survived a Supreme Court challenge. This combination of events has led to a situation where one man, that would be Russ Vought, can do pretty much as he wishes because there is no Congressional oversight, and he can't be forced to spend money because there are no appropriations. //

This letter is to inform you that for the Third Quarter of Fiscal Year 2025, the Bureau is requesting $0.

During my review of the Bureau's finances, I have learned that the Bureau has a balance of $711,586,678.00 in the Bureau of Consumer Financial Protection Fund. By law, I must take account of this sum when determining the amount "reasonably necessary" for the Bureau to fulfill its statutory authorities.

I have determined that no additional funds are necessary to carry out the authorities of the Bureau for Fiscal Year 2025. The Bureau's current funds are more than sufficient — and are, in fact, excessive — to carry out its authorities in a manner that is consistent with the public interest.