On January 31, 2025, the CFPB announced President Donal Trump had appointed Scott Bessent as Acting Director of the CFPB. In a brief statement, Bessent expressed his commitment to advancing the administration’s agenda to lower costs for Americans and accelerate economic growth.
Industry groups have welcomed Bessent’s leadership, anticipating a rollback of regulations established during tenure of former Director Rohit Chopra.
Putting It Into Practice: Given Bessent’s background in investment and finance, there may be a move towards more industry-friendly regulations. Financial institutions should monitor potential shifts in CFPB policies and enforcement priorities under Secretary Bessent’s leadership. We will continue to monitor these developments.
