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Donald Trump, in his classic style, proclaimed, “Rohit Chopra, you’re out, my dear! Scott Bessent, welcome to the show!” A smooth transition from aggressive regulations to cozy banker hugs—what could possibly go wrong?

Donald Trump, in his classic style, proclaimed, “Rohit Chopra, you’re out, my dear! Scott Bessent, welcome to the show!” A smooth transition from aggressive regulations to cozy banker hugs—what could possibly go wrong?

Donald Trump dismissed Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB) and appointed Treasury Secretary Scott Bessent as the acting director.

On February 1, 2025, President Donald Trump removed Rohit Chopra from his position as Director of the Consumer Financial Protection Bureau (CFPB) and appointed Treasury Secretary Scott Bessent as the acting director. Bessent, who has been serving as Treasury Secretary since January 20, 2025, will lead the CFPB until a permanent director is nominated and confirmed.

Chopra’s time at the CFPB was marked by aggressive regulatory efforts to protect consumers, earning both praise from liberal groups for holding corporations accountable and criticism from the financial industry for being overly intrusive.

Bessent’s appointment has been well-received by banks, which were critical of Chopra’s leadership. The Consumer Bankers Association has called on Bessent to reconsider and potentially reverse policies implemented under Chopra, including those regarding overdraft fees, open banking, and digital payments.

In response to the change in leadership, the CFPB has announced that it will not defend certain Biden-era regulations in court, including rules that expanded the agency’s power to examine financial institutions for discrimination and a rule requiring lenders to gather demographic data from small business borrowers. This shift suggests a change in the CFPB’s direction toward consumer financial protection under the Trump administration.

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