Bessent Freezes Most CFPB Work Upon Taking Control of Agency (1)

4 days ago · Bessent’s email called on the CFPB to “suspend the effective dates” for all final rules that haven’t taken effect. Among the rules affected are the agency’s ban on including medical …

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Why is Scott Bessent freezing work at CFPB?

Treasury Secretary Scott Bessent is ordering a freeze to work at the Consumer Financial Protection Bureau, after being named its acting director by President Trump. In an internal email Monday, Bessent’s office directed CFPB staff to cease much of the bureau’s work, including on enforcement actions and decisions about active litigation. ...

Why did Scott Bessent halt work at the CFPB?

Treasury Secretary Scott Bessent on Monday ordered a halt to the majority of work at the Consumer Financial Protection Bureau after being selected as the acting director of the agency by President Donald Trump. The Details: According to a report from the Wall Street Journal, Bessent directed the CFPB to freeze much of its work in an internal email. ...

Why did the CFPB freeze its work?

The Details: According to a report from the Wall Street Journal, Bessent directed the CFPB to freeze much of its work in an internal email. The work stoppage includes decisions about active litigations, enforcement actions and suspends effective dates for completed rules that are not yet in effect. ...

What happened to the CFPB?

Bessent then halted virtually all CFPB activities, according to an email seen by Reuters, including investigations, litigation, rulemaking and public communications. Bessent's arrival at the helm of an agency Republicans have long sought to abolish follows Trump's dismissal of Director Rohit Chopra at the end of last week. ...

Who is CFPB director Scott Bessent?

U.S. President Donald Trump on Monday tapped newly confirmed Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau, the agency announced. Bessent then halted virtually all CFPB activities, according to an email seen by Reuters, including investigations, litigation, rulemaking and public communications. ...

Did CFPB survive abolition?

The CFPB survived possible abolition in May when the Supreme Court rejected industry-backed constitutional challenges to its funding structure. U.S. President Donald Trump on Monday tapped newly confirmed Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau, the agency announced. ...