The OIG said the termination of contracts as part of cost-cutting efforts impacted the CFPB’s consumer complaint database, research, monitoring and regulations division and office of financial education.
As federal regulators retreat from disparate-impact liability, some states are ramping up their enforcement, leaving lenders with conflicting requirements.
In an amended complaint, consumer groups argued that the CFPB failed to consult with the appropriate prudential regulators prior to issuing its ECOA rulemaking process.
Russell Vought is expected to remain at the bureau as a senior adviser following the conclusion of his tenure under terms set by the Federal Vacancies Reform Act.
Mark Paoletta said under Trump-era leadership, the bureau is developing targeted educational materials for consumers and is working to become a source of “unbiased objective information” consumers can trust.
At his confirmation hearing, Brian Johnson pledged to prioritize consumer protection, promote accountability by ensuring the CFPB acts within its statutory limits and modernize bureau operations.
The draft CFPB Reform Act, which is backed by CFPB Acting Director Russell Vought and House Republicans, seeks to bring the agency under the appropriations process, among other reforms.