New head of US Consumer Financial Protection Bureau cuts off funding and suspends activities

Russell Vought, the new head of the Consumer Financial Protection Bureau appointed by US President Donald Trump, has halted the agency's funding and instructed staff to suspend all activities. Vought stated that the Bureau's current balance of $711.6m is excessive and that it is not necessary to carry out its duties. The CFPB was established to regulate financial companies and prevent abusive and predatory actions, and has also been a target of the crypto industry. Vought has instructed staff to cease all supervision and examination activity, and the CFPB's office will reportedly be closed this week.