HousingWire Daily Chris Clow on all the changes happening at the CFPB and HUD
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Feb 11, 2025 Chris Clow, Editor at HousingWire, provides keen insights on the recent upheavals at the CFPB and HUD. He discusses key personnel changes, including the controversial appointment of Russ Vogt, and how these impact future housing policies. Clow dives into funding cuts affecting consumer protection agencies, stirring confusion among stakeholders. He also tackles how Biden's administration is reshaping HUD's role and the political complexities tied to mortgage rates and housing inventory challenges.
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CFPB's Role
- The CFPB's role has been to protect consumers in the U.S. financial system.
- Vought's appointment signals a potential shift in this focus.
CFPB Shutdown
- Vought halted CFPB's funding from the Treasury and closed headquarters.
- This action deviates from typical government transitions.
CFPB Funding
- The CFPB's funding comes from the Federal Reserve, not through usual congressional channels.
- This allows Vought to halt funding, effectively shutting down functions.