“Under Chopra and Biden’s leadership, the Enforcement Division was the arming arm of the CFPB. The Enforcement Division is no longer a branch of criminal and unprofessional conduct,” the statement said. “Under the leadership of Director Vought, enforcement will now be respectful, proper and professional. Don’t leave the door open for you on your way out, Mr. Salemi.”
Salemi’s concerns echo those of his predecessor, Cara Petersen, who resigned in June. Petersen’s resignation letter, which was obtained and initially reported by American Banker, criticized the Trump administration, saying it had “no intention to enforce the law in any meaningful way,” the report said.
Petersen also reportedly wrote in her letter: “I have served every director and acting director [the] agency and never before have I seen the ability to target our core mission in such a way.”
Anonymous CFPB sources told Bloomberg that Salemi, a former staffer at the agency, “expressed his frustration during a meeting on Thursday with the CFPB enforcement team” regarding the CFPB’s halt in work.
After President Donald Trump fired former CFPB Director Rohit Chopra in February, Russell Vought was appointed acting director. He has since suspended most CFPB operations and is fighting in court to fire 90% of the agency’s workforce.
Vought, which has also paused the agency’s lawsuits and dismissed some enforcement actions, has also referred all CFPB lawsuits to court. Ministry of Justiceciting concerns that the agency could run out of money.
Last month, the administration said the CFPB, which is not expected to be funded until late 2025, cannot legally request additional money from its main source, the Federal Reserve.
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