In what has so far shown to be a tumultuous changing of the guard in government agencies, one of the latest was over control of the Consumer Protection Financial Bureau. The agency, which has been at odds with Republicans under the direction of former Director Rohit Chopra, now has a new Acting Director, Treasury Secretary Scott Bessent.

Chopra was often outspoken about consumer advocacy issues, and some argued overreached in his duties as Director of the CFPB. During his tenure, the CFPB came under fire for its budget not having Congressional oversight, something Representative Andy Barr (R-KY) is trying to change.

Following Chopra’s ouster on Saturday, President Trump named Bessent Acting Director, who was quick to intercede and lay out new ground rules. In an internal email sent Monday and obtained by POLITICO and other news agencies, Bessent ordered the agency to stop all rulemaking and suspend the effective dates of rules that haven’t gone into effect yet as well as halting any activity related to enforcement matters, litigation and public communications.

Among the actions that have been halted is the five dollar overdraft cap for financial institutions over $10 billion in assets.

Of these fees, Chopra had said, “For far too long, the largest banks have exploited a legal loophole that has drained billions of dollars from Americans’ deposit accounts. The CFPB is cracking down on these excessive junk fees and requiring big banks to come clean about the interest rate they’re charging on overdraft loans.”

The move upset the banking and credit union community, with America’s Credit Unions President/CEO Jim Nussle saying, “Everyone should have access to services that allow them to make ends meet without having to choose between buying groceries or paying a utility bill. These financial hardships have serious consequences on families, and overdraft programs provide an affordable lifeline in these circumstances. America’s Credit Unions’ mission is to ensure consumers can partner with credit unions for their financial health and to achieve their best lives. The association is going to continue to fight through legal action to reverse this grave mistake from Director Chopra.”

It remains to be seen who the newly appointed Director, whoever that may be, chooses to do with the initiatives the CFPB was working towards. Rules introduced since mid-August, including the cap on overdraft fees, can be overturned as part of the Congressional Review Act. And though work remains to undo what was done, opponents of Chopra’s policies are happy with the turn of events.

Others, like Senator Elizabeth Warren (D-MA), were unimpressed with Bessent’s actions. In a statement, Warren said, “Shutting down CFPB enforcement actions that are on the verge of delivering money into the pockets of working people is at odds with President Trump’s claim that he wants to lower costs for families.”

She added that if Bessent does not reverse course, she will use every tool available to hold him and others responsible.