The Consumer Financial Protection Bureau (CFPB) was ordered to stop all activities last week under newly minted Secretary of the Treasury Scott Bessent.
Bessent, who was at the time the acting director of CFPB, put a freeze on all rule-making, enforcement investigations, and litigation against financial institutions, which is part of CFPB’s normal function.
This action is similar to what took place just days before when the U.S. Agency for International Development was paused for an investigation into how the agency was functioning.
According to the agency’s website, CFPB “implements and enforces federal consumer financial law and ensures that markets for consumer financial products are transparent, fair, and competitive.”…