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CFPB work on hold for now

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longtimelurker
Epic Contributor

CFPB work on hold for now

So probably not a good time to start a case...

 

https://www.npr.org/2025/02/03/nx-s1-5285356/treasury-secretary-bessent-acting-cfpb-director

 

Scott Bessent, who was confirmed as Treasury Secretary last week, has been named acting director of the Consumer Financial Protection Bureau. Bessent replaces Rohit Chopra, who was fired on Saturday.

In an internal email shared with NPR, staff were instructed to immediately cease much of the bureau's work, including issuing or approving proposed or final rules or guidance, and suspending the effective dates of all final rules that have been issued but have not yet become effective.

Staff were also instructed not to commence or settle enforcement actions, nor to issue any public communications of any type, including research papers. The directive was made "[i]n order to promote consistency with the goals of the Administration," the email said.

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GZG
Valued Contributor

Re: CFPB work on hold for now

the "find my bank and who regulates it tool" 

https://banks.data.fdic.gov/bankfind-suite/bankfind 

 

has been helpful and in two recent instances where I've needed assistance, the OCC handled my complaints well enough that the bank acquiesced 

 

good luck everybody

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IsambardPrince
Established Contributor

Re: CFPB work on hold for now


@GZG wrote:

the "find my bank and who regulates it tool" 

https://banks.data.fdic.gov/bankfind-suite/bankfind 

 

has been helpful and in two recent instances where I've needed assistance, the OCC handled my complaints well enough that the bank acquiesced 

 

good luck everybody


The OCC always taking the side of the big banks is literally why the CFPB was created.

 

The one time the OCC stepped in, it was to try to take the side of an egregious fee harvester bank called Providian, and shut down the San Francisco District Attorney's consumer protection lawsuits.

 

I have a feeling that under the current regime, the next four years will be that if a federal regulatory agency does anything at all, it will try to prevent State and local governments from protecting the consumer by swooping in, declaring that they're taking over, slow walking the case to death, and ultimately doing nothing with it.

 

We're likely to see a huge surge in banks just outright cheating people again, and if they obey the law at all it'll be because they're concerned about what our next government may do to them in several years when the current regime is no longer able to help them swindle their customers.

 

It would be bad enough if the regime just wasn't protecting consumers at all, but what's going to happen is they'll be very active at trying to undermine State and local governments that try to step in to do it themselves.

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