CFPB acting director Scott Bessent halted much of the bureau’s work, citing alignment with the Trump administration’s goals|Adam Fagen|CC BY-NC-SA 2.0

 

Newly confirmed Treasury Secretary Scott Bessent was named the acting director of the Consumer Financial Protection Bureau (CFPB) after President Donald Trump removed the head of the financial watchdog agency Rohit Chopra on Saturday.

In his first move, Bessent halted much of the bureau’s work, including enforcement actions, rulemaking and public communications, citing alignment with the Trump administration’s goals.

Senator Elizabeth Warren criticized the freeze, arguing it blocks money from reaching the working class.

Meanwhile, banking groups supported Bessent’s leadership, urging him to roll back regulations established under Chopra.

Created in 2010, the CFPB has been a watchdog against financial industry overreach. 

Under Chopra, it pursued cases against Capital One, Walmart and Zelle and issued regulations limiting overdraft fees, capping late credit card fees and banning medical debt from credit reports.