On February 3, 2025, U.S. Treasury Secretary Scott Bessent, who took over as President Donald Trump’s new acting consumer finance watchdog, halted virtually all pending activities at the U.S. Consumer Financial Protection Bureau (CFPB). This includes investigations, rule making, litigation, and public communications. The decision was communicated via an email to all CFPB staff and contractors, instructing them to cease these activities to align with the administration’s goals. Attorneys for the agency informed a U.S. Court of Appeals that they were instructed to seek a pause in proceedings. Senator Elizabeth Warren, who helped create the CFPB, denounced the move, calling it an invitation to predatory corporate misconduct and stating that it contradicts Trump’s claim of lowering costs for families.
— news from Reuters