Today, President Trump announced the appointment of Scott Bessent, Secretary of the Treasury, as acting director of the Consumer Financial Protection Bureau (CFPB) effective January 31. In his new role, Bessent has initiated several immediate changes to the agency's operations.
Bessent has ordered a halt on movement regarding any proposed or final rules or guidance. Additionally, he has suspended the effective dates of existing rules and decided not to advance investigations or enforcement actions. The CFPB will also refrain from publishing public communications or reports during this period.
The American Financial Services Association (AFSA) expressed support for these changes. AFSA communicated their gratitude to Secretary Bessent for pausing current CFPB actions and shared suggestions aimed at improving the bureau's functionality. AFSA is optimistic about collaborating with Bessent and his team to promote economic policies that bolster the consumer credit industry while ensuring benefits for American workers and their families.