Trump move extends acting CFPB chief, signals shutdown
President Donald Trump nominated OMB associate director Stuart Levenbach to lead the Consumer Financial Protection Bureau, a step the White House acknowledges is intended to pause the vacancies clock and keep Budget Director Russell Vought as acting CFPB chief while pursuing plans to shut the agency. The administration also said it will not draw Federal Reserve funds to operate the CFPB beyond Dec. 31, relying on a disputed legal theory, a move that could curtail federal consumer‑finance oversight for Twin Cities residents and institutions.
📌 Key Facts
- Levenbach was nominated Nov. 19; the nomination suspends the 210‑day Vacancies Act limit, allowing Russell Vought to remain acting director.
- The White House says it will not withdraw CFPB funding from the Federal Reserve after Dec. 31, citing a Fed‑profitability interpretation.
- Judges have previously rejected similar arguments; Sen. Elizabeth Warren called the move a pretext to keep Vought in place and close the bureau.