Republican presidential nominee former President Donald Trump, left, listens as investor Scott Bessent speaks on the economy in Asheville, N.C., Wednesday, Aug. 14, 2024.
Matt Kelley | AP
President Donald Trump has made Treasury Secretary Scott Bessent the acting director of the Consumer Financial Protection Bureau after firing former head Rohit Chopra over the weekend.
Bessent, a former hedge fund manager who was confirmed as head of the U.S. Treasury last week, will presumably lead the CFPB until a permanent pick is named.
“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 CFPB statement released Monday.
Chopra, who was appointed by former President Joe Biden in 2021, was often at loggerheads with the U.S. banking industry after pushing to drastically rein in practices around credit card late fees and overdraft fees, among many other efforts. Trade groups representing banks fought these regulations in court, fending off rules that would’ve saved Americans billions of dollars in fees, but that the industry called poorly considered or unjustified.
Banking groups had expected Chopra to be fired as soon as Trump’s inauguration day, but Chopra remained on for nearly two weeks into Trump’s second term, continuing to fire off releases and weigh in on hot-button topics including whether banks unfairly closed accounts.
It wasn’t until Feb. 1 that Chopra confirmed he was stepping down from the agency. In a letter to Trump posted to social media platform X, Chopra said that he saw a path for the next CFPB leader to enact “meaningful reforms,” including on a possible cap to credit card interest rates.
This story is developing. Please check back for updates.