CFPB halts work after Trump appoints Bessent as acting head

President Donald Trump on Monday appointed Treasury Secretary Scott Bessent as the acting director of the Consumer Financial Protection Bureau (CFPB), a powerful watchdog agency. Bessent immediately halted all work at the CFPB, including the crafting of regulations, enforcement of rules, conducting investigations, and providing public communications. The move underscores a stark shift at the CFPB, which was formed in the wake of the 2008 banking crisis to protect consumers from unfair, deceptive, or predatory financial practices. Under President Joe Biden, the CFPB had been active and aggressive, issuing a wide array of rules to crack down on predatory lending, reduce the burden of medical debt, and cut fees for customers. Trump fired the previous CFPB leader, Rohit Chopra, on Saturday, delighting Republican critics who accused him of regulatory overreach. Banks, tech giants, and other businesses also welcomed Bessent’s ascension as acting director. — news from The Washington Post