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Russell vote sent an email on Saturday night, which ordered all employees at the Consumer Watch Dog to stop practically all works.
“Immediately effective, unless the acting director is clearly approved or required by the law, all employees, contractors and other bureau personnel… all will eliminate monitoring and examination activity,” the vote Wrote in the email, which was seen by CNN. .
In practice, this means that the financial care of the country’s top consumers has been effectively drawn from the road, preventing it from providing surveillance to major banks, salaried lenders and other financial institutions. Can hurt.
“This means that no one has been monitoring $ 18 trillion in consumer loans yet to ensure that millions of Americans are not tearing,” a former CFPB official who said Talking on the condition of anonymity.
Ballot posted on x Saturday night when he “informed the Federal Reserve that CFPB will not take the next draw of its unmanned funding because it is not reasonably necessary to perform his duties” and that CFP B’s “excessive” balance is 1 711.6 million.
This new vote order is a step further than a step forward sent by the Treasury Secretary Scott Basant on February 3, in which the CFPB staff was ordered to stop issuing the rules, these Suspend the rules that have not yet been released or published, do not issue public communication and do not issue. In addition to getting a break, the court is filed.
The prices on Saturday night reiterated the tasks that Basant ordered to increase the monitoring of employees.
White said in his email that President Donald Trump nominated him the acting director on Friday.
“As an acting director, I am committed to implementing the president’s policies, according to the law, and as a loyalist of the bureau’s resources.”
CFPB did not respond to a request for CNN’s opinion.
In a letter signed by dozens of House Democrats on Saturday, Basant demanded that he “recover the illegal stop work order.”
The person familiar with the matter took over the CFPB’s acting director on Friday night and the performance officials of Elon Musk’s department’s performance deleted the bank’s X account, the man who was aware of the matter. Tell Ann.
Sources told CNN that Dage officials have access to administrative access to the CFPB system, which includes the content management system, the bureau’s website’s back and system and the active directory of personnel.
