Scott Bessent named as acting director of CFPB as Rohit Chopra departs
US President Donald Trump has appointed Secretary of the Treasury Scott Bessent as acting director of the Consumer Financial Protection Bureau (CFPB), the regulator announced this week.
Chopra has led the CFPB since 2021 (Image: LinkedIn)
In a statement on his appointment, Bessent says he will work with the CFPB to “advance President Trump’s agenda to lower costs for the American people and accelerate economic growth”.
Bessent will succeed outgoing CFPB director Rohit Chopra, who revealed in a letter addressed to Trump and shared on social media platform X over the weekend that his term as CFPB director “has concluded”.
Chopra, who has led the CFPB since 2021, states in his letter: “I know the CFPB is ready to work with you and the next confirmed director.”
Chopra writes that during his tenure: “We have returned billions of dollars from repeat offenders and other bad actors, implemented dormant legal authorities and long-overdue rules required by law, and given more freedom and bargaining leverage to families navigating a complex and confusing financial system.”
“We’ve led efforts across the government to stop the scourge of junk fees in banking and across sectors of the economy,” he adds.
Chopra’s departure follows the resignation of SEC chair Gary Gensler last month.
