Congressman Cleo Fields Raises Concerns for the future of Consumer Financial Protection Bureau

Washington, D.C. – Congressman Cleo Fields is deeply concerned by the decision made by the newly confirmed Treasury Secretary and acting director of the Consumer Financial Protection Bureau (CFPB) Scott Bessent, to immediately halt the work of the CFPB.

It has been widely reported that under the direction of Secretary Bessent, department staff were instructed not to move forward with issuing public communication, settling enforcement action, or issuing and approving rules of guidance. 

“Stopping the crucial work that the CFPB does to protect American consumers from predatory actors is reckless and dangerous. This decision actively works against the best interests of hard-working Americans who rely on this government agency to protect them from financial predators.”

The CFPB is currently pursuing several different enforcement actions that could potentially return millions of dollars back to consumers with lawsuits against major companies like Capital One, Walmart, and Zelle for alleged predatory practices.

“Protecting the most vulnerable members of our community is the work of the CFPB. Stopping the agency from doing this work is unacceptable. I will be closely monitoring this situation and will always fight for policies that put workers and consumers first.”

Congressman Fields currently sits on the House Financial Services Committee as well as the Subcommittee on Financial Institutions and the Subcommittee on Oversight and Investigations, each of which have direct jurisdiction over the CFPB. 

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