Trump admin moves to crack down on use of regulatory 'guidance' at CFPB

The Trump administration on Friday moved to review the use of regulatory guidance at the Consumer Financial Protection Bureau (CFPB) to root out what it views as an unlawful rulemaking process.

Russell Vought, director of the Office of Management and Budget (OMB) and acting director of the CFPB, wrote in a memo viewed by FOX Business, "For too long this agency has engaged in weaponized practices that treat legal restrictions on its authorities as barriers to be overcome rather than laws that we are oath-bound to respect.