On January 31, Treasury Secretary Scott Bessent was named Acting Director of the Consumer Financial Protection Bureau after his predecessor, Rohit Chopra, was fired by President Donald Trump.
In a statement, Secretary Bessent said, “I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth.”
Bureau staff have also been directed not to approve or issue any proposed or final rules or formal or informal guidance and to suspend the effective dates of any final rules that were published but have not yet taken effect.
UPDATE: On February 8, 2025, media outlets reported that Russell Vought, head of the Office of Management and Budget, had taken over as acting head of the CFPB.
