Contending that he wants to ensure that the CFPB is in line with Trump Administration policies, acting bureau Director Scott Bessent has reportedly ordered the agency to stop virtually all work.
President Trump designated Bessent, Secretary of the Treasury, to be Acting Director of the agency, after firing Director Rohit Chopra this past weekend.
“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” Bessent said, in a statement.
Bessent has not made any other public comment but elaborated on that statement in a widely reported email to bureau staff. That email directed staff to stop enforcing rules, writing regulations, conducting investigations and providing public communications. He also ordered CFPB attorneys to stop defending existing rules in court, with the exception of seeking a delay in ongoing trials.
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