Trump Appoints Treasury Secretary Bessent to Overhaul Consumer Watchdog Agency

Scott Bessent halts CFPB operations, signaling potential rollback of regulations enacted under the Biden administration.

President Donald Trump has appointed Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau (CFPB) following the dismissal of Rohit Chopra.
Bessent immediately froze CFPB activities, including rulemaking, enforcement actions, investigations, and public communications, pending a review aligned with the administration's goals.
The CFPB, established in 2010 to protect consumers from financial industry abuses, has faced criticism from Republicans and industry leaders for its regulatory approach under Chopra.
Key regulations paused include limits on overdraft fees and medical debt reporting, with lawsuits involving major banks also left in limbo.
Critics, including Senator Elizabeth Warren, warn that these changes could weaken consumer protections and leave Americans vulnerable to corporate misconduct.