News Summary

• Russell Vought was the acting head of the Consumer Financial Protection Bureau.
• Vought had spent the first 18 months of the new Trump administration trying to dismantle the CFPB.
• As evidence of the success of this new approach, Vought singled out one company by name in his testimony.
• Two weeks after Vought’s testimony, Bilt failed customers again, sparking more embarrassing news stories and angry complaints.
• The Bilt controversy offered an early test of Vought's new approach and the results suggest that an ask-nicely strategy to consumer protection isn’t likely to protect consumers.