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ARTICLE · 10 FEBRUARY 2025

Trump Administration Moves To Rein In The CFPB

Pryor Cashman LLP
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On February 3, 2024, in a sweeping move signaling a major shift in trajectory for the Consumer Financial Protection Bureau (CFPB)...

United StatesTechnology
Jeffrey Alberts
Jeffrey Alberts
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On February 3, 2024, in a sweeping move signaling a major shift in trajectory for the Consumer Financial Protection Bureau (CFPB), newly appointed Acting Director and Treasury Secretary Scott Bessent has ordered a near-total freeze on the agency's operations. This development comes as President Donald Trump continues his efforts to curtail the CFPB's regulatory and enforcement reach following years of increasing supervisory activity under the Biden administration.

Key Developments

  • CFPB Operations Halted: Bessent has instructed CFPB staff to suspend all rulemaking, litigation, public communications, and enforcement actions. According to public reports, the directive, issued via internal email, states that only activities explicitly authorized by Bessent or required by law may proceed.

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