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CFPB acting director Russell Vought backs funding shift and regulatory rollback
Vought urged Congress to move the bureau to the annual appropriations process and limit its discretionary authority, arguing the CFPB has exceeded its mandate.
Acting Consumer Financial Protection Bureau Director Russell Vought defended the bureau's workforce reductions and regulatory rollback during testimony before the House Financial Services Committee, urging lawmakers to place the CFPB under the annual appropriations process and limit its discretionary authority. HousingWire reports that Vought argued the agency has operated beyond its congressional mandate and added unnecessary costs to consumers and financial institutions.
The hearing examined the CFPB's Spring 2026 report, which covers its activities from October 2024 through December 2025 under the Dodd-Frank Act. Committee leaders also discussed a draft CFPB Reform Act of 2026 that would overhaul the bureau's structure and authorities, including increased congressional oversight, changes to funding and governance, and expanded transparency and accountability requirements for rulemaking and enforcement.
The proposal would also recalibrate the CFPB's supervisory and enforcement powers, including raising the threshold for supervised institutions to $21 billion in assets from the current $10 billion to reflect economic growth. HousingWire reports that Vought said the bureau is close to issuing an open banking proposal but plans to leave finalization to a Senate-confirmed director.
Vought's acting tenure is set to expire on Aug. 1 under the Federal Vacancies Reform Act, and President Donald Trump has nominated former CFPB official Brian Johnson as permanent director, though the Senate has not yet scheduled a confirmation hearing. The outlet reports that if Johnson is not confirmed before Vought's term ends, acting Deputy Director Mark Paolett would continue in the role.