Elizabeth Warren Urges Trump to Support CFPB Efforts to Fight Debanking

Democratic Senator Elizabeth Warren urged President Donald Trump to work with regulators to stop what she called unjustified closing of bank accounts held by citizens and businesses, arguing that efforts to mute the Consumer Financial Protection Bureau will worsen the problem.

In a letter to Trump, Warren asked the new administration to support the CFPB in its efforts to prevent so-called debanking. The Trump administration has named Scott Bessent as the CFPB’s acting head after firing director Rohit Chopra. Bessent has instructed CFPB staff to halt some activities.