The Consumer Financial Protection Bureau halted much of its work to investigate and penalize corporate wrongdoing Monday, after Treasury Secretary Scott Bessent — tapped to lead the watchdog on an acting basis — ordered an agency-wide review to “promote consistency” with the new Trump administration.

U.S. Treasury Secretary Scott Bessent, who took over on Monday as President Donald Trump's new acting consumer finance watchdog, has halted virtually all pending activities at the U.S. Consumer Financial Protection Bureau,

Staff at the Consumer Financial Protection Bureau were instructed by email to cease much of their work. Bessent, a wealthy Wall Street investor, replaces Rohit Chopra, who was fired on Saturday.