the Consumer Financial Protection OfficeRepublicans at the International Energy Agency Agency have tried to disintegrate or expand its scope significantly, which is the latest disposal of Donald Trump’s efforts to reshape the federal government.
Trump launched Rohit Chopra, agency director and Ain Biden, during the weekend and was installed Scott PesinDirector of the Billionaire Hedging Fund, who is now the Minister of Treasury, as the Acting Director. Bessent started freezing the agency’s operations on Monday.
CFPB was founded in 2010 with a wide mandate to protect Americans from unfair and separate financial practices.
In recent months, Chopra has led CFPB to curb Late credit card and Open drag feesalong with “Unwanted fees“Hidden in the ticket bills at the hotel and the event. The moves directed protests from banks and commercial groups such as the Consumer Bankers Association.
It is expected to follow a less aggressive approach than Bessent, the founder of Key Square Capital Management, who swore as the treasury lazy last week. according to CNBCThe Consumer Banker Association said it was “happy” with Bessent at CFPB.
“We hope that Minister Besin will take into account the repercussions in the real world on the leading banks in America, millions of consumers who serve him, and the economy as a whole,” said CBA president, CBA.
BESSENT has already stopped a wide range of CFPB works, including “all rules, communications, litigation, and other activities,” according to an e -mail message obtained by Bloomberg Law. The agency’s email has ordered the “suspension of effective dates” for all policies that have not yet entered, as well as “incompatibility or issuance” any proposed or final rules.
Some affected policies include proposed 5 dollars on open drawing fees He accused banks, and a rule removed Unpaid medical bills From credit reports.
CFPB had a suspended lawsuit against JPMorgan Chase, Bank of America and Wales Fargo because they dealt with fraud on Zel, claimed Banks failed To investigate cases and pay consumers.
According to Bloomberg, an unknown source from within CFPB described the position as a clear attempt to close the entire agency. He did not respond to the comment requests, Bloomberg said.
In November, Elon Musk, the richest person in the world Which leads an effort to reduce the federal workforceHe said he wanted to “delete” CFPB because he is one of the “repeated regulatory agencies” in the government.
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