Cracks Emerge in Vought's Plan to Shut the CFPB

Also, OCC chastises big lenders in preliminary debanking report; an unusual penny stock company is the first to bar investor class actions

Russell Vought is on course to shut down the CFPB in a matter of weeks. But the final act in his year-long dismantling of the agency relies on an untested legal argument – one that is proving to be more complicated than it initially appeared.

The acting director’s position, backed by a recent opinion from the Department of Justice, is that there are “no …