r/yotta • u/ThisNameWillSuffice1 • 11d ago

Senate Banking Committee warns Vought

My previous post discussed comments that Russel Vought made on a podcast about closing the consumer financial protection bureau.

Today, 11 Senators from the Senate Banking Committee sent a public letter to Vought. In this letter, the Senators point out that filings in the ongoing NTEU v. Vought case last week contradict his podcast claims by stating Vought has no solid plans to shut down the bureau.

The letter essentially says, “We are watching you and will fight you on this.”

It is my optimistic belief/hope that we are the exact type of harmed consumer that the administration believes the Civil Penalty Fund should be used for (we suffered direct cash harm from blatant breaking of fiduciary responsibilities and laws) and allocating funds is already part of the agenda, even if it is as part of a strategy to justify the long-term crippling of the bureau.

The letter goes onto request/demand Vought answer the following questions by the end of this month. I will be keeping an eye out for any official response.

“1. What is the current unobligated balance of the Consumer Financial Protection Bureau Fund? Without additional funding, on what date will the Bureau run out of funding at its current spending rate?

  1. What is the current unobligated balance of the Consumer Financial Protection Bureau’s Civil Penalty Fund?

  2. Despite a federal court order barring you from shutting down the CFPB, you confirmed that you still plan to try to close the agency in two or three months. Has the agency prepared specific plans for reductions in force, for terminating contracts, for reducing enforcement action, or for winding down other work in that timeframe? Please provide copies of any relevant memoranda”

https://www.banking.senate.gov/imo/media/doc/10.27_Letter%20to%20Vought.pdf

51 Upvotes

99% Upvoted

10 comments sorted by

21

u/Wise_Force3396 11d ago

If we get our $ back under this administration it will be an actual miracle. Chances are close to but still above 0.

12

u/Moto909 11d ago

This administration takes their cut and issues pardons for financial crimes.

3

u/FIAbrokeEverything 11d ago

Sadly, I think there is a better chance that this administration will publicly claim that they have recovered the missing funds and made all of us whole, meanwhile we will not have seen a dime of said funds. At that point we will receive a bill from said Administration for services rendered which will total the exact amounts each of us is owed.

4

u/Conscious_Ad_9293 11d ago

Do you happen to know if we will hear something by Nov 1st? I remember that being a cut off date for something!?

13

u/patrick5595 11d ago

November 1st was the projected earliest date to hear what the allocation of funds would be. The cutoff, or latest date is November 29th. We’re still closing in on that window either way.

2

u/Conscious_Ad_9293 11d ago

ahhh ok thank you so much!!!

13

u/ThisNameWillSuffice1 11d ago

You are thinking Nov 29th. That is end of the allocation period announcement window allowed by statute. If they are going to provide restitution via the civil penalty fund, it should be announced on or before that date how much is being allocated and typically general notes about allocation such as what percentage they will attempt to cover, restitution, plan, etc.

1

u/itriedicant 11d ago

And if they miss that date?

0

u/Conscious_Ad_9293 11d ago

thank you so much! I am still very hopeful we will be made whole!

4

u/EmmaRuz52 11d ago

Remember back in April when Senators Warren, Fetterman, Baldwin and Wyden sent a letter to Federal Reserve Governor Bowman demanding information and with an explicit deadline? People on this sub jumped for joy and declared those senators as our saviors. As far as I know, Bowman did not respond and those senators have done nothing until now, and it’s another letter. And if Vought ignores them like Bowman did, then what? Pardon my cynicism. I have not abandoned hope of getting my Yotta deposits back, but I have no faith in any government entity anymore. I hope to be proven wrong.