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
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