From k9zw@700:100/69 to All on Mon Feb 10 07:28:06 2025
To quote: "Acting CFPB Director Vought has halted supervision and other CFPB activities and won't take money from the Fed in the next quarter."
First already has a balance of over $700 million, so the drawing of additional money is somewhat a Red Herring.
The CFPB is a bit of a Frankenstein by a deliberate control and a deliberate funding mechanisms outside of constitutionally provided routes.
Control is distanced with some limited appointment powers being the Office of the President while whether the CFPB continues to exist being under Congressional oversight (which turly is an Oxymoron).
Financing is by draws from the Federal Reserve, which basically means that by design the CFPB is a causing component of inflation, one of the things it is supposed to fight against in popular opinion.
How in its short existence a $700m surplus developed is likely an interesting story.
The important part is the suspension of supervision, which while in the CFPB Director's perogative has caused a massive knashing of teeth among liberals and the CFPB Union (how does it have a "union" one asks?).
Suddenly just a paper-tiger lawsuites (lawfare) aimed at the CFPB Acting Director's actions will likely consume the accrued surplus.
Hopefully Congress will dismantle the rest, as somehow the US Supreme Court waffled around allowing the CFPB to continue to operate.