President Trump has chosen Scott Bessent, the newly confirmed Treasury Secretary, as the acting director of the CFPB. This comes after the dismissal of Rohit Chopra, the previous director appointed by former President Biden. Bessent's appointment is expected to be temporary until a permanent replacement is found.
President Donald Trump has appointed Treasury Secretary Scott Bessent as the acting director of the Consumer Financial Protection Bureau ( CFPB ) following the dismissal of former head Rohit Chopra over the weekend. Bessent , a seasoned hedge fund manager recently confirmed to lead the U.S. Treasury, is expected to temporarily manage the CFPB until a permanent replacement is selected. Chopra , appointed by former President Joe Biden in 2021, often clashed with the U.S.
banking industry due to his efforts to significantly curtail practices surrounding credit card late fees and overdraft fees, among other initiatives. He fiercely defended regulations aimed at saving Americans billions of dollars in fees, but which the industry deemed poorly conceived or unjustified. Banking groups anticipated Chopra's removal as soon as Trump's inauguration, but he remained in office for nearly two weeks into Trump's second term, continuously challenging industry practices. Bessent expressed his enthusiasm for collaborating with the CFPB to advance President Trump's agenda of reducing costs for American citizens and accelerating economic growth. The Consumer Bankers Association welcomed Bessent's appointment and urged him to reverse what they perceive as partisan policies implemented under Chopra's leadership. The association hopes Bessent will consider the practical consequences of regulations on America's leading banks, their millions of consumers, and the broader economy.
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