There will be new leadership at the Consumer Financial Protection Bureau.
Director Rohit Chopra is out at the agency, and President Donald Trump has named recently-confirmed Treasury Secretary Scott Bessent as the acting head of CFPB.
“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” said Secretary Bessent in a press release.
According to Politico and other reports, Bessent ordered employees to not issue or approve any proposed or final rules, and were also told to suspend all final rules that have been issued but that have not yet become effective.
Representatives of the CFPB are scheduled to appear at the NIADA Convention and Expo in June to discuss the direction of the agency.
Also in Washington, after being confirmed by the U.S. Senate, Sean Duffy was sworn in as the Secretary of the U.S. Department of Transportation last week.
Duffy immediately signed a memorandum instructing his staff to start work on resetting the Corporate Average Fuel Economy standards.
Duffy said the memorandum reduces the burdensome and overly restrictive fuel standards that have needlessly driven up the cost of a car.
“The American people should not be forced to sacrifice choice and affordability when purchasing a new car,” he said.
Andrew Ferguson took over officially as the Chairman of the Federal Trade Commission Jan. 20.
Ferguson was already a member of the FTC commission and did not require senate approval.
