The Consumer Financial Protection Bureau was told to cease operations on Monday shortly after President Donald Trump appointed Treasury Director Scott Bessent to serve as the watchdog agency’s acting director—appeasing Republicans, and tech executives, who have criticized regulations at the agency implemented under the Biden administration.

The Consumer Financial Protection Bureau is halting its operations amid Scott Bessent's takeover, according to reports.

Electronic Payments Coalition executive chairman Richard Hunt said Chopra’s tenure “was marked by witch-hunts and political weaponization” of the bureau, arguing that Chopra’s policies reduced the access that “vulnerable consumers” had to financial credit.