CFPB Updates
This weekend, former Director Chopra announced that his tenure as head of the CFPB had concluded. Director Chopra continued to work up until his resignation became public. Late Friday, the CFPB indicated that actions that could generously be termed as additional over-reach were forthcoming. Congressman William Timmons (R-SC) sent a letter to the CFPB deputy director on Sunday requesting the Bureau refrain from any further actions.
Today, President Trump announced that on Jan. 31 he had appointed Secretary of the Treasury Scott Bessent as acting director of the CFPB. As one of his first actions as acting director, Secretary Bessent ordered that the CFPB will:
- halt movement on any proposed or final rules or guidance;
- suspend effective dates of rules;
- not advance investigations or enforcement actions; and
- not publish public communications or reports.
February 4th, 2025
Get The News You Need
Sign up for our daily newsletter to receive all the most important industry news and updates every weekday morning.
Recent Posts
- 🚨THIS THURSDAY | AFSA Webinar | The Real Cost of Getting Paid: Why Transaction Fees Tell Only Part of the Cost of Payment Acceptance
- The CFPB Addresses Database Flaw
- From “New Normal” to “No Normal”
- 🚨THIS THURSDAY | AFSA Webinar | Servicing Is Eating Originations: What Lenders Are Missing After the Loan Is Booked
- If AFSA Is the Target, Ask Who’s Aiming