President Trump has designated Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau following the termination of former Director Rohit Chopra last week, the agency announced today.
Bessent was confirmed by the Senate as treasury secretary last week. Trump has yet to announce his long-term plans for the CFPB, but he and other Republican lawmakers have been critical of the bureau in the past. The Washington Post, citing a staff email it obtained, said Bessent ordered CFPB staff to cease all work on crafting regulations, enforcing rules and communicating with the public, citing the need to promote consistency with the Trump administration’s goals.
“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” Bessent said in a statement.
ABA President and CEO Rob Nichols applauded the decision by Trump, adding that while the banking industry supports the CFPB’s consumer protection mission, “we have disagreed with many actions the bureau has taken in recent years that have exceeded its statutory authority, harmed our economy and imposed significant costs on American consumers.
“We urge Secretary Bessent to begin reversing the damage caused by these misguided regulatory actions and stand ready to support his efforts to chart a better course for the bureau,” Nichols said. “Appropriately tailored regulation is the key to lowering costs for consumers and ensuring America’s banks can play their essential role in accelerating economic growth. We look forward to working with Secretary Bessent and other stakeholders to ensure the CFPB’s work helps – rather than harms – American consumers going forward.”
