Bessent named Acting Director, halts CFPB operations

Following the dismissal of Rohit Chopra, Treasury Secretary Scott Bessent has been appointed as the acting director of the Consumer Financial Protection Bureau (CFPB). In his new role, Bessent has halted all operations within the CFPB, including rulemaking, communications, and litigation, as he aims to align the agency's activities with the goals of the Trump administration. This unprecedented shutdown has raised concerns among staff, with reports indicating that it effectively pauses the bureau's functions until further notice. Bessent emphasized his commitment to stewarding the agency until a permanent director is appointed and expressed intentions to advance President Trump's agenda to lower costs for Americans. The situation remains fluid, with potential implications for the CFPB's future operations and direction.