"February 9, 2025" Archives

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Vought shuts down most of CFPB’s functions, cuts off funding

Russell Vought, the newly named acting director of the Consumer Financial Protection Bureau (CFPB), is shutting down most of the bureau’s functions and has cut off its funding from the Federal Reserve. In a letter to bureau staff on Saturday night, Vought directed them to: 1. Stop all supervision activity that has not been approved…

Better mortgage spreads are capping rates in 2025

Another jobs week has come to an end, and amid the chaotic headlines about job numbers, tariffs, and the leadership of the Treasury, mortgage rates remained calm. Better mortgage spreads are limiting how high rates can rise in 2025. This situation contrasts with the challenges the market faced in 2023, during the banking crisis when…

A timeline of what’s happening at the CFPB under Trump

President Trump’s shake-up of the Consumer Financial Protection Bureau continues. On Friday night, Russell Vought, the architect of the Project 2025 plan and the newly confirmed director of the White House Office of Management and Budget, emailed top staffers at the CFPB to inform them that he’d been named acting director, according to the Wall Street…