Trump Names Treasury Secretary Scottary Acting Director of CFPB, as Former Head Chopra Confirms he is out

Presiding Donald Trump Appointed treasury secretary Scott Bessent The acting director of the Consumer Financial Protection BureauBessent announced monday in a CFPB statement,

Former Director Rohit Chopra on Saturday Had posted A Letter to Trump on Social Media Platform X Confirming that his term at the agency had “concluded.”

Bessent, A Former Hedge-Fund Manager Who was confirmed as head of the US Treasury on Jan. 27, will presumubly 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,” Bessant said in the statement manday.

Chopra, who was appointed by former president joe biden in 2021, was often at loggerheads with the US banking industry after after pushing to drying to dry credit card Late Fees and overdraft Fees, Among Many other effortsTrade Groups Represting Banks fought These regulations in court, finger off rules that would have been saved Americans bills 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 Was Inauched, but Chopra Remained on For Nearly TWO Weeks Into Trump’s Second Term, Continuing to Fire off relevas And weighing in on hot-babutton topics, Including Whicher Banks Unfaury Closed Accounts.

While Chopra’s term was scheduled to run for roughly another two years, a 2020 supreme court ruling Gave the President the power to fire the agency’s head at will.

Chopra said in the letter he tweeted saturday that he saw a path for the next cfpb lead “meaningful reforms,” ​​Including a posesible Cap On Credit Card Interest Rates.

The cfpb was created in the aftermath of the 2008 Global Financial Crisis, which was caused in part by banks’ Irresponsible lending and securitization practices.

But the agency has since been targeted by trade groups who unsuccessfully argued that the CFPB’s Funding Violated The US constitution, and more recently by conservative figures including x owner and trump advisor elon musk, who has called for the elimination of the CFPB.

The consumer bankers association said Monday it was “pleased” by bessent’s appointment at the cfp and that bessent should take take steps to reveps “Partisan Policies” Made Under Chopra.

“We’re hopable Ent Lindsey Johnson.