The Consumer Financial Protection Bureau (CFPB) has issued a bold new directive under Acting Director Russ Vought, requiring all examiners in its Supervision Division to take a “humility pledge” before conducting examinations of financial institutions. The move is a sharp break from the Biden-era CFPB, which Republicans have long criticized for operating with excessive force, bloated budgets, and political bias.
As part of the reform, examiners must now read the pledge out loud to institutions before beginning any official review. The pledge is designed to curb overreach and end what the CFPB called the “thuggery” and wasteful practices instituted by former Director Rohit Chopra and Director of Supervision Lorelai Salas, a former operative tied to left-wing billionaire George Soros.
According to the CFPB’s press release, the new process ensures that exams will be conducted “respectfully, promptly, professionally, and under budget.” The bureau blasted prior practices that included unnecessary personnel, excessive travel expenses, and intrusive demands for irrelevant or expansive information.
Under the humility pledge, examiners will:
- Avoid duplicating regulatory efforts already being handled by state agencies
- Ensure transparency throughout the examination process
- Stop requesting unrelated datasets or information
- Complete assignments on time and within budget
The reforms are part of a broader Trump-aligned strategy to dismantle what many conservatives see as an unaccountable, unconstitutional agency born from the Dodd-Frank Act. Mark Paoletta, the CFPB’s chief legal officer, previously told Breitbart News the agency should cease its “regulation by enforcement” model that unfairly targets businesses.
The CFPB also revealed in November it could not draw further funds from the Federal Reserve under Dodd-Frank and will operate on limited funding through year-end. House Freedom Caucus lawmakers welcomed the shift. Rep. Andy Harris (R-MD) stated, “It’s time to end this unaccountable agency and return financial oversight to a transparent, constitutional process.” Rep. Marlin Stutzman (R-IN) echoed that sentiment, calling the agency a “bureaucracy with little transparency and sweeping authority.”
