New CFPB manager, Scott Bessent, orders the staff to stop work: NPR

Finance Minister Scott Bessent was tapped by President Trump as the incumbent director of the Consumer Financial Protection Bureau. Here he will appear on January 16 before the Senate Finance Committee.

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Scott Bessent, who was confirmed as finance minister last week, was appointed deputy director of the Consumer Financial Protection Bureau. Rohit Chopra, who was released on Saturday, replaced better.

In an internal e -mail that was shared with NPR, the employees were instructed to immediately hire a large part of the office’s work, “unless expressly prescribed by the incumbent director or legally prescribed”. The Includes a standstill in the granting or approval of proposed or final rules or guidelines as well as the suspension of the effective data of all final rules that have been issued but are not yet effective.

The employees were also instructed not to start or pay for enforcement measures or not to issue any public communications of any kind, including research work. The guideline was made “(i) and order to promote the consistency with the goals of the administration,” says the e -mail.

Bessent, a wealthy hedge fund manager, should already be a business-friendly decision to head the Ministry of Finance. Now he will lead the CFPB, the Federal Consumer Guardian for at least a while.

“I look forward to working with the CFPB to reduce President Trump’s agenda at the expense of the American people and to accelerate economic growth,” said Bessent in a statement.

CFPB has several lawsuits, including enforcement measures against Capital One, Walmart and cell and its parents’ banks.

Senator Elizabeth Warren, D-Mass., Who played a key role in the formation of the agency and is able to stop the work of the office in the Senate banking committee.

“The implementation of CFPB enforcement measures, which is about to be included in the pockets of working people shortly before the incorporation of money, contradicts President of Trump’s claim that he wanted to reduce the costs of families,” said Warren in a statement.

Chopra had run the office since 2021 and often accepted large banks. After its leadership, the CFPB issued a number of regulations, including the limitation of overdraft fees, the limitation of credit card delayed fees and the ban on medical debts if they appear in credit reports.

The Consumer Bankers Association, which represents retail banks, cheered the election of Bessent and suggested that he pay back certain rules that were issued during the Chopra era.

But consumers supported the sloping of better.

“While (Trump) a lot of company lobbyists, billionaires donors and Wall Street insiders such as Scott Bessent to run our country after the end of the fundamental protection for American consumers,” said Tony Carrk from Accountable.us. A group of corruption in a statement.

The CFPB is an independent office within the Federal Reserve System. It is financed outside the procedure of the congress, and its financing comes from the Fed. The office was founded in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

This legislation was adopted after the 2008 financial crisis, and it should protect consumers from financial institutions from being presented and prevent another crisis.