Two leading officials at the Consumer Financial Protection Bureau (CFPB) who were placed on administrative leave this week have resigned as the chaos engulfing the key mortgage regulator continues.
Department of Government Efficiency (DOGE) head Elon Musk, who has long called for the consumer protection bureau to be dismantled, posted “CFPB RIP” from his X account.
Acting director Russell Vought told staff by email Saturday that they should not issue any proposed rules and should stop pending investigations, refrain from opening new investigations, issue no public communications and freeze stakeholder engagement.
The CFPB oversees the regulation of mortgage rules and laws for banks and mortgage lenders. This may be a good thing for mortgages as some of the guidelines will be loosened. However, if you remember the 2007 mortgage catastrophe then you might be a little nervous of what is to become of the new CFPB.
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