What A Week For The CFPB…..

The Consumer Financial Protection Bureau (CFPB) has experienced a flurry of activity over the past few weeks beginning with President Trump's dismissal of Rohit Chopra as the Director of the Bureau on January 31. That same day, President Trump designated Scott Bessent, who had recently been sworn in as Secretary of the Department of Treasury, as Acting Director of the CFPB. A days later, on February 3, CFPB employees were instructed by e-mail to immediately cease much of the CFPB's work unless it had been expressly approved by the Acting Director or by law. The e-mail also instructed CFPB employees not to commence or settle enforcement actions, nor issue any public communications of any type. According to the e-mail, the directive was made in order "to promote consistency with the goals of the administration." On February 7, President Trump appointed Russell Vought, who had been confirmed by the Senate on February 6, to lead the Office of Management and Budget, as the