The acting director of the U.S. CFPB has cut off the agency's funding and suspended some supervision

Odaily Planet Daily News Russell Vought, the newly appointed acting director of the Consumer Financial Protection Bureau (CFPB) by US President Trump, said he has cut off new funding for the agency and has reportedly asked staff to suspend all activities. Vought said in a February 9 X post: "I have informed the Federal Reserve that the CFPB will not withdraw the next unappropriated funds because it is "not reasonably necessary" to perform its duties. In the current fiscal environment, the bureau's current balance of $711.6 million is actually too high." It is understood that the agency was established to regulate financial companies such as banks and remittance companies to prevent them from engaging in abuse and predatory practices. It also accepts complaints against US cryptocurrency exchanges.