Former Office of Management and Budget (OMB) director Russell Vought heard his second appointment as an OMB director in Capitol Hill, Washington, DC, in January, and was a member of the U.S. Senate Homeland Security and Government Affairs Committee. I take my seat when I arrive to testify before the meeting. .
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Two senior leaders at the Consumer Financial Protection Bureau announced their resignation a day after acting director Russell Vought told all staff to quit their jobs.
In another memo sent earlier Tuesday, agency director of supervision Lorelei Salas and executive director Eric Halperin will be in their respective roles after Vought's mission, according to an email obtained by CNBC. He said he would not be able to do so.
“The station was instructed to stop,” Saras said. “I don't think it's appropriate or legal to stop all supervisory activities and exams. I can't serve as supervisory supervisor.”
“I don't believe in these situations. I can serve my role effectively. It protects American consumers,” Halperin said. “Today I made the difficult decision to resign.”
Speaking on behalf of the CFPB, a representative from the Management and Budget Office said in a statement to CNBC later Tuesday that Halperin and Saras were placed on administrative leave prior to the announcement of their resignation.
This departure adds more uncertainty for the CFPB, which has been targeted by trade groups and conservatives over the years. The agency has been actively cracking down on financial companies, saying in June it had returned nearly $21 billion to consumers since its inception in 2011.
Halperin said his office, accused of enforcing consumer protection obligations, has secured $9.5 billion in fines or consumer relief since 2021.
Opponents from the agency say that under former director Rohit Chopra, his attempt to reach beyond legal authority to punish banks and reduce industry costs hurt consumers. .
CFPB employees have had the advantage since operatives from Elon Musk's advisory group, known as government efficiency, arrived at regulators late last week. Vought was then appointed acting director on Friday, and he said he would soon refuse fresh funds for the agency, shutting down its head office, Washington, D.C., and instructing staff to freeze all department jobs. Ta.
“You know you're worried about your future, the future of the bureau, and more importantly, the impact these drastic changes will have on everyday consumers,” writes Saras. “The way you protect American consumers is not captured in just a few sentences, and too many people are unaware of the work you do behind the scenes.”
