As Consumer Bureau’s Cash Dwindles, Trump Administration Declares Its Funding Illegal

The Consumer Financial Protection Bureau (CFPB), led by acting director Russell T. Vought, is facing a financial crisis as it is projected to run out of funds next year. This situation has been exacerbated by the Trump Administration's declaration that the CFPB's funding is illegal, based on a new conservative legal theory adopted by the Justice Department. This theory effectively prevents the Federal Reserve from providing necessary financial support to the agency. The implications of this funding crisis are significant, as the CFPB plays a crucial role in protecting consumers in the financial sector.