But efforts to permanently close the mortgage industry watchdog appear to be continuing
The Trump administration has nominated Stuart Levenbach to lead the Consumer Financial Protection Bureau (CFPB) on a five-year term, but the president still reportedly intends to shutter the organization soon.
A notice provided to the US Senate Wednesday indicated that Levenbach – who currently serves as the Office of Management and Budget’s associate director for national resources, energy, science and water – had been tapped to serve as director at the CFPB, replacing acting director Russell Vought.
But Reuters reported the nomination of Levenbach is merely intended to allow Vought to stay in his role for longer than currently allowed. The move means Vought – who was previously restricted to 210 days in the position under the Vacancies Act – can now remain as acting director until Levenbach’s confirmation is approved or denied by the Senate.
That could allow Vought, a longstanding critic of the CFPB who also serves as director of the Office of Management and Budget, to continue high-profile efforts to gut the bureau.
After being sworn in as acting director in February, Vought instructed the CFPB to drop several legal cases brought by his predecessor Rohit Chopra, halted ongoing work at the agency, and fired scores of employees.
Those moves followed a campaign by Elon Musk, then the leader of the Department of Government Efficiency (DOGE), to completely dismember the CFPB, which was created in the aftermath of the 2007-08 financial crisis.
Last week, the justice department ruled the CFPB’s funding mechanism illegal and Vought announced that the agency would exhaust available funds in early 2026 – potentially accelerating its eradication under the Trump’s administration.
Justice department lawyer Charles E.T. Roberts said the CFPB’s money can only flow when the Federal Reserve’s balance sheet shows a profit, something the central bank hasn’t done since 2022, and that the Fed “currently lacks combined earnings from which the CFPB can draw.”
Sen. Elizabeth Warren, an influential figure in the CFPB’s foundation, slammed the move as an effort to keep its closure on track.
“Russ Vought is openly admitting this nomination is a front so he can stay on at the CFPB while he tries to shut it down,” Warren wrote in an X post.
“Instead of lowering costs for Americans, Trump and Vought want to make it easier for giant corporations to scam families out of their money.”
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