WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) announced yesterday that President Donald Trump has appointed Treasury Secretary Scott Bessent as acting director of the agency. The decision follows the president’s removal of former CFPB Director Rohit Chopra over the weekend.
In response, Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL), issued the following statement:
The latest developments at the CFPB are deeply troubling. Acting Director Scott Bessent has suspended the bureau's implementation of finalized regulations, halted ongoing litigation and paused critical enforcement actions. These actions undermine the CFPB’s mission to protect consumers from financial misconduct and threaten the progress made under former Director Rohit Chopra.
Under Chopra’s tenure, the CFPB delivered substantial results for consumers, securing approximately $21 billion in financial relief through enforcement actions and supervisory work. The agency played a critical role in safeguarding consumers from exploitative banking practices, including excessive overdraft fees, deceptive mortgage transactions, unfair debt collection schemes, medical debt fraud and discrimination. It also pushed for commonsense regulations to support small-business owners.
We urge Acting Director Bessent to immediately resume the CFPB’s essential functions and enforce policies that protect all Americans, particularly those in low-income communities. The CFPB’s director should demonstrate an unwavering commitment to protecting consumers and upholding the agency’s mission—not serving the interests of wealthy financiers.
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Press Contact: Vincenza Previte vincenza.previte@responsiblelending.org