Bessent to be Acting CFPB Head, Pauses Rules and Litigation
- Move comes after Chopra was fired by the Trump administration
- Bessent has instructed agency staff to halt certain activities
Scott Bessent
Photographer: Al Drago/BloombergThis article is for subscribers only.
Treasury Secretary Scott Bessent is now the acting head of the US Consumer Financial Protection Bureau, signaling a potential shift away from the aggressive enforcement and regulatory approach under Rohit Chopra.
It comes after Chopra was fired by the Trump administration. The Biden-era appointee’s term was marked by billions of dollars in fines and consumer compensation collectively against lenders such as Wells Fargo & Co., Goldman Sachs Group Inc. and Citigroup Inc.