WASHINGTON – White House budget director Russell Vought announced Wednesday his intention to shut down the U.S. Consumer Financial Protection Bureau (CFPB) within the next two to three months. Vought stated his belief that the agency is not effectively protecting consumers, setting the stage for a potential significant shift in financial regulatory oversight.

During a public statement, Vought indicated a plan to dismantle the CFPB, an agency established in 2010 following the financial crisis. The bureau was created to safeguard consumers from abusive financial practices, offering a range of protections related to mortgages, credit cards, and other financial products and services. It investigates consumer complaints, enforces federal consumer financial laws, and educates consumers about their rights.

The CFPB has faced ongoing scrutiny from some political factions who argue it wields excessive power and operates outside traditional regulatory frameworks. Critics contend the bureau’s enforcement actions can be overly aggressive and stifle innovation within the financial industry. Supporters, however, maintain that the CFPB is a vital safeguard for vulnerable consumers and holds financial institutions accountable.

Vought's announcement signals a potential escalation of efforts to curb the CFPB’s authority, a long-standing goal for some within the administration. The timeline he provided—two to three months—suggests a rapid push to implement these changes, though the exact methods and legal challenges that may arise remain unclear. The move is likely to draw immediate and sharp reactions from consumer advocacy groups and Democrats in Congress, who are expected to defend the agency’s role.