Waters Warns Vought About Using Shutdown to Furlough CFPB Staff

The Consumer Financial Protection Bureau shouldn’t attempt to use the looming government shutdown as an excuse to furlough employees, a top Democratic lawmaker warned.

The CFPB can continue to operate during a shutdown because it’s funded independently through the Federal Reserve, Rep. Maxine Waters (D-Calif.), the ranking member of the House Financial Services Committee, said in a Tuesday letter obtained by Bloomberg Law.

Furloughing staff would violate the 2010 Dodd-Frank Act that created the CFPB and harm American consumers, Waters said.

“With fewer staff available to investigate violations of consumer financial protection laws, pursue enforcement actions, and stop predatory practices, ...