The nomination of Stuart Levenbach is just a tactic to extend CFPB Acting Director Russell Vought’s tenure at the agency, according to a bureau spokesperson.
CFPB Acting Director Russell Vought has yet to request any funding for the CFPB in fiscal year 2026. His actions mimic those of a former bureau acting director.
Democrat and Republican lawmakers want the Trump administration to preserve the statutory obligations of the Community Development Financial Institutions Fund.
The Trump administration argued that a majority panel of the court correctly concluded the National Treasury Employees Union cannot bring an Administrative Procedure Act claim challenging an “entirely nonbinding” purported decision to close the CFPB.
Contrary to the Trump administration’s statements in court, CFPB Acting Director Russell Vought said the bureau will be shut down within the next two to three months.
A federal judge issued a temporary restraining order blocking planned layoffs at federal agencies, including the Department of Housing and Urban Development’s Office of Fair Housing and Equal Opportunity.
A CFPB official at a recent industry conference said the bureau is set to resume examinations within weeks. In April, the bureau said it would shift its supervision activities to depository institutions.
The National Treasury Employees Union argued that if the decision of a three-judge panel is allowed to stand, the CFPB will be eliminated, and the impact will not be limited to the bureau.
Fewer than 3,000 people have been convicted of federal mortgage fraud over the past 12 years and most didn’t serve the maximum sentence, according to an industry researcher.