The secretary replaces Rohit Chopra, who had aggressively sought to expand the bureau’s authority over banks and other financial firms.

CFPB staff was told to refrain from issuing public communications, halt activities including rules and settlements and participation in litigation proceedings.

In an email sent from acting director Scott Bessent, employees were told to pause all work related to issuing rules, enforcing regulations on rules that are not yet effective but approved, conducting investigations, and providing communications to the public, according to The Washington Post.