Counsellors Title Agency will be closed President’s Day, Tuesday, February 17th. We will reopen Tuesday February 18th at 8:30am.
BREAKING NEWS – CFPB Closes Headquarters
Last week, President Trump announced that Treasury Secretary Scott Bessent would assume the role of Acting Director of the Consumer Financial Protection Bureau (CFPB) following Director Rohit Chopra’s departure. However, on Friday, Russell Vought, the newly confirmed Director of the Office of Management and Budget (OMB), was appointed as the CFPB’s Acting Director. Since his appointment, Vought has taken significant steps, including suspending CFPB activities, declining funding from the Federal Reserve, and closing the CFPB headquarters.
These developments have raised concerns about the future of consumer financial protections, particularly in states like New Jersey. In July 2024, New Jersey enacted legislation banning the reporting of most medical debt, aiming to reduce the economic harms caused by such debt. The CFPB had been instrumental in supporting and enforcing similar consumer protection measures at the federal level.
With the CFPB’s activities currently suspended, the role of state agencies becomes even more crucial. New Jersey’s Division of Consumer Affairs and the Department of Banking and Insurance’s Office of Consumer Finance are responsible for overseeing and regulating financial practices within the state. These agencies may need to fill the gap left by the CFPB to ensure that consumers continue to receive adequate protection against unfair financial practices.
As the situation evolves, it is essential for consumers and industry stakeholders in New Jersey to stay informed about changes in the regulatory landscape. Our team is closely monitoring these developments and will provide updates on any major changes that could impact consumer financial protections in our state.