Treasury Secretary Scott Bessent was named acting CFPB director Monday, following Saturday’s departure of Rohit Chopra. Bessent will serve as acting director until President Donald Trump’s eventual nominee is confirmed by the Senate.

America’s Credit Unions outlined how credit unions can work with the CFPB on the mutual goal of protecting consumers in a letter sent Monday, including via a pause of all regulatory actions by the CFPB. According to reports, bureau staff were informed of such a freeze Monday.

“America’s Credit Unions has raised concerns over many recent CFPB actions, particularly the rush to get priorities out the door at the end of the previous administration, and we appreciate Acting Director Bessent’s efforts to listen to our concerns, put consumers’ best interests first, and align the bureau with its original mandate,” said America’s Credit Unions President/CEO Jim Nussle. “Immediately halting proposed rules, final rules, guidance, and effective dates is a positive culture shift at the CFPB, one that includes ending regulation by enforcement, withdrawing the overdraft final rule, narrowing UDAAP authority, and prioritizing actions to stop actual abusers of consumers.”

Nussle said credit unions will advocate for defining ambiguous regulatory terms, revising or removing outdated regulations, and continuing to support consumer empowerment through financial literacy programs.

He also recommended the CFPB: 

• Focus on bad actors by prioritizing regulations targeting predatory practices and high-risk entities, not credit unions that have a proven history of consumer advocacy;
• Address unregulated nonbank lenders with small-dollar lending rules focusing on predatory nonbank lenders, which exploit vulnerable consumers with high fees and limited protections; and 
• Recognize credit unions’ value with future regulations that acknowledge credit unions as consumer-friendly institutions offering the best financial options to underserved populations.

America’s Credit Unions also joined a letter with financial services organizations calling on Bessent to withdraw the CFPB’s proposed rule expanding the scope of the Fair Credit Reporting Act (FCRA) to cover data brokers and related activity. America’s Credit Unions believes the rule would create significant compliance burdens.